Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 16, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | FINANCE OF AMERICA COMPANIES INC. | |
Entity Central Index Key | 0001828937 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 59,881,714 | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity File Number | 001-40308 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 85-3474065 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Address, Address Line One | 909 Lake Carolyn Parkway | |
Entity Address, Address Line Two | Suite 1550 | |
Entity Address, City or Town | Irving | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75039 | |
City Area Code | 972 | |
Local Phone Number | 999-1833 | |
Class A common stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | FOA | |
Security Exchange Name | NYSE | |
Warrant | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase shares of Class A Common Stock | |
Trading Symbol | FOA.WS | |
Security Exchange Name | NYSE |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 157,336 | $ 233,101 |
Restricted cash | 354,390 | 306,262 |
Reverse mortgage loans held for investment, subject to HMBS related obligations, at fair value | 10,316,027 | 9,929,163 |
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 5,424,621 | 5,396,167 |
Mortgage loans held for investment, at fair value | 1,225,090 | 730,821 |
Mortgage loans held for sale, at fair value | 2,057,542 | 2,222,811 |
Debt securities | 8,694 | 10,773 |
Mortgage servicing rights, at fair value, $65,129 and $14,088, subject to nonrecourse MSR financing liability, respectively | 290,938 | 180,684 |
Derivative assets | 61,811 | 92,065 |
Fixed assets and leasehold improvements, net | 28,669 | 24,512 |
Goodwill | 1,298,324 | 121,233 |
Intangible assets, net | 704,243 | 16,931 |
Other assets, net | 300,253 | 300,632 |
TOTAL ASSETS | 22,227,938 | 19,565,155 |
LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST ("CRNCI") AND EQUITY | ||
HMBS related obligation, at fair value | 10,168,224 | 9,788,668 |
Nonrecourse debt, at fair value | 5,425,732 | 5,271,842 |
Other financing lines of credit | 3,412,234 | 2,973,743 |
Payables and other liabilities | 488,735 | 400,058 |
Notes payable, net | 353,718 | 336,573 |
TOTAL LIABILITIES | 19,848,643 | 18,770,884 |
CRNCI (Note 25) | 0 | 166,231 |
EQUITY (Note 35) | ||
FoA Equity Capital LLC member's equity | 0 | 628,176 |
Additional paid-in capital (Successor) | 807,521 | |
Accumulated deficit (Successor) | (69,548) | |
Accumulated other comprehensive (loss) income | (27) | 9 |
Noncontrolling interest | 1,641,343 | (145) |
TOTAL EQUITY | 2,379,295 | 628,040 |
TOTAL LIABILITIES, CRNCI AND EQUITY | 22,227,938 | $ 19,565,155 |
Class A Common Stock | ||
EQUITY (Note 35) | ||
Common Stock Value | 6 | |
TOTAL EQUITY | 6 | |
Class B Common Stock | ||
EQUITY (Note 35) | ||
Common Stock Value | $ 0 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Mortgage servicing rights, at fair value | $ 65,129 | $ 14,088 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, shares authorized | 6,000,000,000 | |
Common stock, shares issued | 59,881,714 | |
Common stock, shares outstanding | 59,881,714 | |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock, shares authorized | 1,000,000 | |
Common stock, shares issued | 7 | |
Common stock, shares outstanding | 7 |
Consolidated Statements of Fi_3
Consolidated Statements of Financial Condition (Variable Interest Entities) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Restricted cash | $ 354,390 | $ 306,262 |
Mortgage loans held for investment, at fair value | 1,225,090 | 730,821 |
TOTAL ASSETS | 22,227,938 | 19,565,155 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 5,425,732 | 5,271,842 |
TOTAL LIABILITIES | 19,848,643 | 18,770,884 |
Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Restricted cash | 334,984 | 293,580 |
Other assets | 76,056 | 79,528 |
TOTAL ASSETS | 5,835,661 | 5,769,275 |
LIABILITIES | ||
Payables and other liabilities | 117 | 291 |
TOTAL LIABILITIES | 5,360,720 | 5,258,045 |
Net fair value of assets subject to nonrecourse debt | 474,941 | 511,230 |
Variable Interest Entity, Primary Beneficiary | 2021 FASST HB1 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 506,482 | |
LIABILITIES | ||
Nonrecourse debt, at fair value | 537,618 | |
Variable Interest Entity, Primary Beneficiary | 2019 FASST JR2 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 437,641 | 488,760 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 425,568 | 463,568 |
Variable Interest Entity, Primary Beneficiary | 2018 FASST JR1 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 395,716 | 449,069 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 405,161 | 450,268 |
Variable Interest Entity, Primary Beneficiary | 2019 FASST JR3 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 370,209 | 450,703 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 374,391 | 423,406 |
Variable Interest Entity, Primary Beneficiary | 2020 FASST HB2 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 397,121 | 398,480 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 445,758 | 472,074 |
Variable Interest Entity, Primary Beneficiary | 2020 FASST JR3 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 341,385 | 372,015 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 316,738 | 337,024 |
Variable Interest Entity, Primary Beneficiary | 2019 FASST JR4 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 331,302 | 377,265 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 316,203 | 350,514 |
Variable Interest Entity, Primary Beneficiary | 2020 FASST JR2 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 312,160 | 341,439 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 280,978 | 297,046 |
Variable Interest Entity, Primary Beneficiary | 2020 FASST S3 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 313,728 | 316,774 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 286,549 | 294,226 |
Variable Interest Entity, Primary Beneficiary | 2019 FASST JR1 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 295,605 | 331,244 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 301,889 | 326,367 |
Variable Interest Entity, Primary Beneficiary | 2018 FASST JR2 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 234,665 | 264,622 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 240,078 | 265,695 |
Variable Interest Entity, Primary Beneficiary | 2020 FASST JR1 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 0 | 263,266 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 0 | 238,438 |
Variable Interest Entity, Primary Beneficiary | 2020 FASST JR4 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 228,248 | 237,100 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 198,582 | 217,362 |
Variable Interest Entity, Primary Beneficiary | 2020 FASST S1 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 173,955 | 189,243 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 169,769 | 181,630 |
Variable Interest Entity, Primary Beneficiary | 2020 RTL1 ANTLR | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 137,989 | |
LIABILITIES | ||
Nonrecourse debt, at fair value | 0 | 140,441 |
Variable Interest Entity, Primary Beneficiary | 2018 RTL1 ANTLR | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 0 | 82,393 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 0 | 80,767 |
Variable Interest Entity, Primary Beneficiary | 2019 RTL1 ANTLR | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 0 | 118,161 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 0 | 121,580 |
Variable Interest Entity, Primary Beneficiary | 2021 FASST JR1 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 562,333 | |
LIABILITIES | ||
Nonrecourse debt, at fair value | 507,721 | |
Variable Interest Entity, Primary Beneficiary | 2020 FASST HB1 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 0 | 265,923 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 0 | 298,913 |
Variable Interest Entity, Primary Beneficiary | 2020 FASST S2 | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 289,129 | 311,721 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 287,139 | $ 298,435 |
Variable Interest Entity, Primary Beneficiary | 2021 RTL1 ANTLR | ||
ASSETS | ||
Mortgage loans held for investment, at fair value | 234,942 | |
LIABILITIES | ||
Nonrecourse debt, at fair value | $ 266,461 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
REVENUES | ||||
Gain on sale and other income from mortgage loans held for sale, net | $ 187,577 | $ 291,334 | $ 298,291 | $ 428,975 |
Net fair value gains on mortgage loans and related obligations | 131,151 | 76,663 | 112,303 | 125,683 |
Fee income | 90,864 | 161,371 | 76,656 | 146,627 |
Net interest expense: | ||||
Interest income | 13,151 | 12,661 | 11,507 | 19,678 |
Interest expense | (33,626) | (34,366) | (33,298) | (67,230) |
Net interest expense | (20,475) | (21,705) | (21,791) | (47,552) |
TOTAL REVENUES | 389,117 | 507,663 | 465,459 | 653,733 |
EXPENSES | ||||
Salaries, benefits and related expenses | 274,731 | 238,530 | 230,275 | 374,653 |
Occupancy, equipment rentals and other office related expenses | 6,720 | 7,597 | 7,208 | 14,611 |
General and administrative expenses | 119,301 | 127,217 | 81,214 | 159,780 |
TOTAL EXPENSES | 400,752 | 373,344 | 318,697 | 549,044 |
OTHER, NET | (2,103) | (8,862) | (28) | (44) |
NET INCOME (LOSS) BEFORE INCOME TAXES | (13,738) | 125,457 | 146,734 | 104,645 |
Provision for income taxes | 1,086 | 1,137 | 448 | 766 |
NET (LOSS) INCOME | (14,824) | 124,320 | 146,286 | 103,879 |
CRCNI | 0 | 4,260 | (2,620) | (18,006) |
Noncontrolling interest | (17,089) | 201 | 571 | 800 |
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ 2,265 | $ 119,859 | $ 148,335 | $ 121,085 |
EARNINGS PER SHARE (Note 33) | ||||
Basic weighted average shares outstanding | 59,881,714 | |||
Basic net income per share | $ 0.04 | |||
Diluted weighted average shares outstanding | 191,200,000 | |||
Diluted net loss per share | $ (0.05) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
NET (LOSS) INCOME | $ (14,824) | $ 124,320 | $ 146,286 | $ 103,879 |
Impact of foreign currency translation adjustment | (27) | (11) | 18 | 11 |
TOTAL COMPREHENSIVE LOSS | (14,851) | 124,309 | 146,304 | 103,890 |
Less: Comprehensive loss attributable to the noncontrolling interest and CRNCI | (17,108) | 4,461 | (2,049) | (17,206) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ 2,257 | $ 119,848 | $ 148,353 | $ 121,096 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Additional Paid-in Capital | Retained Earnings | FoA Equity Capital LLC Member's Equity | Accumulated Other Comprehensive (Loss) Income | Total Shareholders' Equity | Noncontrolling Interest | Class A Common Stock | Class B Common Stock |
Balance at beginning of period at Dec. 31, 2019 | $ 482,813 | $ 482,719 | $ (51) | $ 145 | |||||
Contributions from members | 1,042 | 1,042 | |||||||
Net (loss) income | (27,020) | (27,249) | 229 | ||||||
Foreign currency translation adjustment | (8) | (8) | |||||||
Balance at end of period at Mar. 31, 2020 | 456,827 | 456,512 | (59) | 374 | |||||
Balance at beginning of period at Dec. 31, 2019 | 482,813 | 482,719 | (51) | 145 | |||||
Net (loss) income | 103,879 | ||||||||
Foreign currency translation adjustment | 11 | ||||||||
Balance at end of period at Jun. 30, 2020 | 604,863 | 604,269 | (41) | 635 | |||||
Balance at beginning of period at Mar. 31, 2020 | 456,827 | 456,512 | (59) | 374 | |||||
Distributions to members | (578) | ||||||||
Noncontrolling interest distributions | (310) | (310) | |||||||
Net (loss) income | 148,906 | 148,335 | 571 | ||||||
Net (loss) income | 146,286 | ||||||||
Foreign currency translation adjustment | 18 | 18 | |||||||
Balance at end of period at Jun. 30, 2020 | 604,863 | 604,269 | (41) | 635 | |||||
Balance at beginning of period at Dec. 31, 2020 | 628,040 | 628,176 | 9 | (145) | |||||
Balance at beginning of period at Dec. 31, 2020 | 628,040 | ||||||||
Contributions from members | 1,426 | ||||||||
Distributions to members | (75,000) | (75,000) | |||||||
Noncontrolling interest distributions | (620) | (620) | |||||||
Net (loss) income | 120,060 | 119,859 | 201 | ||||||
Net (loss) income | 124,320 | ||||||||
Accretion of CRNCI to redemption price | (32,725) | (32,725) | |||||||
Foreign currency translation adjustment | (11) | (11) | |||||||
Balance at end of period at Mar. 31, 2021 | 641,170 | $ 641,736 | (2) | (564) | |||||
Balance at end of period at Mar. 31, 2021 | 2,344,981 | $ 758,243 | $ (71,813) | $ 1,658,545 | $ 6 | ||||
Balance at end of period (in shares) at Mar. 31, 2021 | 131,318,286 | 59,881,714 | 7 | ||||||
Noncontrolling interest contributions | 24 | $ 24 | |||||||
Noncontrolling interest distributions | (137) | (137) | |||||||
Net (loss) income | (14,824) | 2,265 | (17,089) | ||||||
Vesting of restricted stock units | 49,278 | 49,278 | |||||||
Foreign currency translation adjustment | (27) | (27) | |||||||
Balance at end of period at Jun. 30, 2021 | $ 2,379,295 | $ 807,521 | $ (69,548) | $ (27) | $ 1,641,343 | $ 6 | |||
Balance at end of period (in shares) at Jun. 30, 2021 | 131,318,286 | 59,881,714 | 7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | |
Operating Activities | ||||
Net (loss) income | $ (14,824) | $ (14,824) | $ 124,320 | $ 103,879 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | 5,172 | (6,277) | (221,079) | |
Net cash (used in) provided by operating activities | (9,652) | 118,043 | (117,200) | |
Investing Activities | ||||
Purchases and originations of mortgage loans held for investment | (1,241,085) | (1,151,925) | (2,056,834) | |
Proceeds/payments received on mortgage loans held for investment | 689,215 | 677,777 | 681,376 | |
Purchases and origination of mortgage loans held for investment, subject to nonrecourse debt | (12,319) | (12,247) | (20,429) | |
Proceeds/payments on mortgage loans held for investment, subject to nonrecourse debt | 251,152 | 217,452 | 511,615 | |
Purchases of debt securities | (1,449) | (557) | (9,044) | |
Proceeds/payments on debt securities | 1,888 | 2,096 | 26,673 | |
Purchases of mortgage servicing rights | (61) | (9,014) | ||
Proceeds on sale of mortgage servicing rights | 7,765 | |||
Acquisition of subsidiaries, net of cash acquired | (20,000) | (749) | 364 | |
Purchase of investments | (2,250) | |||
Acquisition of fixed assets | (4,915) | (4,178) | (4,129) | |
Payments on deferred purchase price liability | (311) | (657) | (949) | |
Issuance of convertible notes receivable | (2,550) | |||
DIP Financing | (35,260) | |||
Net cash used in investing activities | (337,885) | (312,047) | (873,607) | |
Financing Activities | ||||
Proceeds from securitizations of reverse mortgage loans, subject to HMBS related obligations | 795,334 | 602,172 | 898,118 | |
Payments of HMBS related obligations | (597,892) | (506,142) | (1,002,412) | |
Proceeds from issuance of nonrecourse debt, net | 600,595 | 579,518 | 1,645,039 | |
Payments on nonrecourse debt | (498,966) | (658,300) | (512,689) | |
Proceeds from other financing lines of credit | 8,758,149 | 10,027,696 | 15,347,541 | |
Payments on other financing lines of credit | (8,620,873) | (9,660,588) | (15,354,635) | |
Debt issuance costs | (580) | (2,467) | (2,828) | |
Payments on notes payable | (10,000) | |||
Principal payments under capital lease obligation | (415) | |||
Member contributions | 1,426 | 502 | ||
Member distributions | (75,000) | |||
Settlement of CRNCI | (203,216) | |||
Noncontrolling interest contributions | 16 | |||
Noncontrolling interest distributions | (137) | (620) | (310) | |
Net cash provided by financing activities | 232,437 | 307,695 | 1,007,927 | |
Foreign currency translation adjustment | (1) | (7) | 5 | |
Net increase (decrease) in cash and restricted cash | (115,101) | 113,684 | 17,125 | |
Cash and restricted cash, beginning of period | 653,047 | 626,827 | 539,363 | 382,664 |
Cash and restricted cash, end of period | 511,726 | 511,726 | 653,047 | 399,789 |
Supplementary Cash Flows Information | ||||
Cash paid for interest | 68,186 | 50,071 | 206,536 | |
Cash paid for taxes, net | 1,521 | 63 | 276 | |
Loans transferred to mortgage loans held for investment, at fair value, from mortgage loans held for investment, subject to nonrecourse debt, at fair value | 242,650 | 283,428 | 238,811 | |
Loans transferred to mortgage loans held for sale, at fair value, from mortgage loans held for investment, at fair value | 777,256 | |||
Loans transferred to government guaranteed receivables from mortgage loans held for investment, at fair value, and mortgage loans held for investment, subject to nonrecourse debt, at fair value | 79 | 71 | 72,469 | |
Loans transferred to mortgage loans held for investment, subject to nonrecourse debt, at fair value, from mortgage loans held for investment, at fair value | 505,378 | 272,098 | 1,885,291 | |
Loans transferred to mortgage loans held for investment, subject to HMBS, at fair value, from mortgage loans held for investment, at fair value | 701,375 | 42,909 | ||
Liabilities assumed: | ||||
Goodwill | 1,298,324 | 1,298,324 | $ 128,750 | $ 121,754 |
FoA Equity | ||||
Supplemental Cash Flow Elements [Abstract] | ||||
Total cash consideration | 342,270 | |||
Blocker rollover equity | 221,811 | |||
Seller earnout contingent consideration | 160,272 | 160,272 | ||
Tax Receivable Agreement obligations to the seller | 31,950 | |||
Total consideration transferred | 756,303 | |||
Non-controlling interest | 1,658,545 | 1,658,545 | ||
Total equity value | 2,414,848 | 2,414,848 | ||
Assets acquired: | ||||
Cash and cash equivalents | 336,075 | 336,075 | ||
Restricted cash | 305,292 | 305,292 | ||
Reverse mortgage loans held for investment, subject to HMBS related obligations, at fair value | 10,071,192 | 10,071,192 | ||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 5,291,443 | 5,291,443 | ||
Mortgage loans held for investment, at fair value | 1,100,544 | 1,100,544 | ||
Mortgage loans held for sale, at fair value | 2,140,361 | 2,140,361 | ||
Debt securities | 9,230 | 9,230 | ||
Mortgage servicing rights, at fair value | 267,364 | 267,364 | ||
Derivative assets | 116,479 | 116,479 | ||
Fixed assets and leasehold improvements, net | 26,079 | 26,079 | ||
Intangible assets, net | 717,700 | 717,700 | ||
Other assets, net | 279,155 | 279,155 | ||
Total assets acquired | 20,660,914 | 20,660,914 | ||
Liabilities assumed: | ||||
HMBS related obligations, at fair value | 9,926,131 | 9,926,131 | ||
Nonrecourse debt, at fair value | 5,227,942 | 5,227,942 | ||
Other financing lines of credit | 3,340,345 | 3,340,345 | ||
Payables and other liabilities | 669,048 | 669,048 | ||
Notes payable, net | 353,924 | 353,924 | ||
Total liabilities assumed | 19,517,390 | 19,517,390 | ||
Tangible net assets acquired | 1,143,524 | 1,143,524 | ||
Goodwill | $ 1,271,324 | $ 1,271,324 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business Finance of America Companies Inc. (“FoA”, “Company”, or “Successor”) was incorporated in Delaware on October 9, 2020. FoA is a financial services holding company which, through its operating subsidiaries, is a leading originator and servicer of residential mortgage loans and provider of complementary financial services. FoA has a controlling financial interest in Finance of America Equity Capital LLC (“FoA Equity” or “Predecessor”). FoA Equity owns all of the outstanding equity interests or has a controlling financial interest in Finance of America Funding LLC (“FOAF”). FOAF wholly owns Finance of America Holdings LLC (“FAH”) and Incenter LLC (“Incenter” and collectively, with FoA Equity, FOAF and FAH, known as “holding company subsidiaries”). The Company, through its holding company subsidiary, FAH, operates three lending companies, Finance of America Mortgage LLC (“FAM”), Finance of America Reverse LLC (“FAR”), and Finance of America Commercial LLC (“FACo”) (collectively, the “operating lending subsidiaries”). Through FAM and FAR, the Company originates, purchases, sells and securitizes conventional (conforming to the underwriting standards of Fannie Mae or Freddie Mac; collectively referred to as government sponsored entities (“GSEs”)), government-insured (Federal Housing Administration (“FHA”)), government guaranteed (Department of Veteran Affairs), and proprietary non-agency Impact of the COVID-19 The COVID-19 COVID-19 COVID-19 COVID-19. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements comprise the financial statements of FoA and its controlled subsidiaries for the Successor period from April 1, 2021 to June 30, 2021 and the financial statements of FoA Equity and its controlled subsidiaries for the Predecessor periods from January 1, 2021 to March 31, 2021 and for the three months ended and six months ended June 30, 2020. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The Consolidated Statement of Financial Condition as of December 31, 2020 has been derived from the audited consolidated financial statements of the Predecessor as of and for the year ended December 31, 2020. In the opinion of management, such financial information reflects all normal and recurring adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. Operating results for the interim period are not necessarily indicative of the results that may be expected for any future period or for the full year. The consolidated interim financial statements, including the significant accounting policies, should be read in conjunction with the audited consolidated financial statements of FoA Equity and notes thereto for the year ended December 31, 2020 (Predecessor). 12 On October 12, 2020, the Company, Replay Acquisition Corp. (“Replay”) and FoA Equity entered into the Transaction Agreement pursuant to which Replay agreed to combine with FoA Equity in a series of transactions that resulted in the formation of the Company as a publicly traded company on the New York Stock Exchange (“NYSE”), and the Company controlling FoA Equity in an “UP-C” The consolidated financial statements include the accounts of the Predecessor, prior to the Business Combination, which was determined to be FoA Equity, a limited liability company that was formed in July 2020. Prior to the Business Combination, FoA Equity was a wholly owned subsidiary of UFG Holdings LLC (“UFG”). FoA Equity owned all of the outstanding equity interests or had a controlling financial interest in FOAF. FAH and Incenter LLC, which were wholly owned subsidiaries of FOAF, as well as their consolidated operating lending subsidiaries and operating service subsidiaries. See Note 1—Organization and Description of Business for additional information. The significant accounting policies described below, together with the other notes that follow, are an integral part of the consolidated financial statements. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its controlled subsidiaries and certain variable interest entities (“VIEs”) where the Company is the primary beneficiary. The Company is deemed to be the primary beneficiary of a VIE when it has both (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and (2) exposure to benefits and/or losses that could potentially be significant to the entity. 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 that the Company ceases to be the primary beneficiary. FoA Equity consolidates the accounts of Finance of America Commercial Holdings LLC (“FACo Holdings”), which is a direct subsidiary of FAH and an indirect parent company of FACo. Through the date of the Business Combination, the noncontrolling interests of FACo Holdings met the definition of contingently redeemable financial instruments for which the ability to redeem was outside the control of the consolidating entity. The Contingently Redeemable Noncontrolling Interest (“CRNCI”) in this subsidiary was shown as a separate caption between liabilities and equity. Any income or losses attributable to the CRNCI were shown as an addition to or deduction from CRNCI in the Consolidated Statements of Financial Condition. All significant intercompany balances and transactions were eliminated. See Note 25—Changes in CRNCI for further discussion of the CRNCI and additions to or deductions from the CRNCI balance. Business Combinations The Company applies the acquisition method to all transactions and other events in which the entity obtains control over one or more other businesses. Assets acquired and liabilities assumed are measured at fair value as of the acquisition date. Liabilities related to contingent consideration are recognized at the acquisition date and re-measured Under ASC 805 there is an option to apply push-down accounting, which establishes a new basis for the assets and liabilities of the acquired company based on a “push down” of the acquirer’s stepped-up basis. The push-down accounting election is made in the reporting period in which the change-in-control event occurs. FoA has elected push-down accounting for the Business Combination, and will record the push-down entries at FoA Equity. Goodwill Goodwill is the excess of the purchase price over the fair value of the net assets acquired. Goodwill is not amortized, but is reviewed for impairment annually as of October 1 and monitored for interim triggering events on an ongoing basis. If certain events occur, which indicate goodwill might be impaired between annual tests, goodwill must be tested when such events occur. In making this assessment, the Company considers a number of factors including operating results, business plans, economic projections, anticipated future cash flows, etc. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. Changes in economic and operating conditions could result in goodwill impairment in future periods. In testing goodwill for impairment, the Company performs a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its carrying value including goodwill, the Company will compare the fair value of that reporting unit with its carrying value including goodwill. If the carrying value of a reporting unit exceeds its fair value, goodwill is considered impaired with the impairment loss equal to the amount by which the carrying value of the goodwill exceeds the implied fair value of that goodwill. Intangible Assets, Net Intangible assets, net, primarily consist of trade names, customer lists, and broker relationships acquired through various acquisitions. Intangible assets are amortized on a straight line basis over their estimated useful lives. Amortization expense of intangibles is included in general and administrative expenses on the Consolidated Statements of Operations. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Warrant Liability The Company accounts for warrants for the Company’s Class A Common Stock as liabilities at fair value within payables and other liabilities on the Consolidated Statements of Financial Condition because the warrants do not meet the criteria for classification within equity. The warrants are subject to remeasurement at each statement of financial condition date and any change in fair value is recognized within other, net in the Consolidated Statements of Operations. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants. Tax Receivable Agreement Obligation In connection with the Business Combination, concurrently with the Closing, the Company entered into Tax Receivable Agreements (“TRA”) with certain owners of FoA Equity prior to the Business Combination (the “TRA Parties”). The TRAs generally provide for the payment by the Company to the TRA Parties of 85% of the cash tax benefits, if any, that the Company is deemed to realize (calculated using certain simplifying assumptions) as a result of (i) tax basis adjustments as a result of sales and exchanges of units in connection with or following the Business Combination and certain distributions with respect to units, (ii) the Company’s utilization of certain tax attributes attributable to Blackstone Tactical Opportunities Associates—NQ L.L.C., a Delaware limited partnership, shareholders (“Blocker GP”), and (iii) certain other tax benefits related to entering into the TRAs, including tax benefits attributable to making payments under the TRAs. These tax basis adjustments generated over time may increase (for tax purposes) the depreciation and amortization deductions available to the Company and, therefore, may reduce the amount of U.S. federal, state and local tax that the Company would otherwise be required to pay in the future, although the IRS may challenge all or part of the validity of that tax basis, and a court could sustain such challenge. The tax basis adjustments upon sales or exchanges of units for shares of Class A Common Stock and certain distributions with respect to Class A LLC Units may also decrease gains (or increase losses) on future dispositions of certain assets to the extent tax basis is allocated to those assets. Actual tax benefits realized by the Company may differ from tax benefits calculated under the Tax Receivable Agreements as a result of the use of certain assumptions in the TRAs, including the use of an assumed weighted average state and local income tax rate to calculate tax benefits. The payments that FoA may make under the TRAs are expected to be substantial. The payments under the TRAs are not conditioned upon continued ownership of FoA or FoA Equity by the Continuing Unitholders. The Company accounts for the effects of these increases in tax basis and associated payments under the TRAs arising from exchanges in connection with the Business Combination as follows: • records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange; • to the extent we estimate that the Company will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, our expectation of future earnings, the Company reduces the deferred tax asset with a valuation allowance; and • initial measurement of the obligations is at fair value on the acquisition date. Subsequently, the liability will be remeasured at fair value each reporting period, with any changes in fair value recognized through earnings. The Company records obligations under the TRAs resulting from future exchanges at the gross undiscounted amount of the expected future payments as an increase to the liability along with the deferred tax asset and valuation allowance (if any) with an offset to additional paid-in As of June 30, 2021 (Successor), the Company had a liability of $32.8 million related to its projected obligations under the TRA, which is included in deferred purchase price liabilities within payables and other liabilities on the Consolidated Statements of Financial Condition. Income Taxes Prior to the Business Combination, a portion of the Company’s earnings were subject to certain U.S. Federal and foreign taxes. Subsequent to the Transaction, the portion of earnings allocable to the Registrant is subject to corporate level tax rates at the federal, state and local levels. Therefore, the amount of income taxes recorded prior to the Business Combination are not representative of the expenses expected in the future. The computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between the Company’s GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future interim periods may vary materially. The Company accounts for income taxes pursuant to the asset and liability method which requires it to recognize current tax liabilities or receivables for the amount of taxes it estimates are payable or refundable for the current year, deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The benefit of tax positions taken or expected to be taken in the Company’s income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents a potential future obligation to the taxing authority for a tax position that was not recognized. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable and are recognized as general and administrative expenses. Seller Earnout The equity owners of FoA Equity prior to the Closing are entitled to receive an earnout exchangeable for Class A Common Stock if, at any time during the six years following Closing, the volume weighted average price (the “VWAP”) of Class A Common Stock with respect to a trading day is greater than or equal to $12.50 for any 20 trading days within a consecutive 30-trading-day 30-trading-day The seller earnout is accounted for as contingent consideration and classified as equity. The seller earnout was measured at fair value upon the consummation of the Business Combination, the date of issuance, and will not be subsequently remeasured. The settlement of the seller earnout will be accounted for within equity, if and when, the First or Second Achievement Date occurs. Sponsor Earnout The Company classified the Sponsor Earnout Agreement as an equity transaction measured at fair value upon the consummation of the Business Combination, the date of issuance, and will not be subsequently remeasured. Additionally, the settlement of the Sponsor Earnout Agreement will be accounted for within equity, if and when the First or Second Earnout Achievement Date occurs. See Note 34—Sponsor Earnout for additional information . Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A Common Stock ownership of the Company. Net (loss) income is reduced by the portion of net (loss) income that is attributable to noncontrolling interests as well as special allocations related to the Amended and Restated Long-Term Incentive Plan (“A&R MLTIP”) as defined in the FoA Equity LLC Agreement. Equity-Based Compensation Equity-based compensation with service conditions made to employees is measured based on the grant date fair value of the awards and recognized as compensation expense over the period during which the recipient is required to perform services in exchange for the award (the requisite service period). The Company has elected to use a straight-line attribution method for recognizing compensation costs relating to awards that have service conditions only. Forfeitures are recorded as they occur. For equity-based compensation where there are market conditions as well as service conditions to vesting, the grant date fair value of the awards is recognized as compensation expense using the graded-vesting method over the requisite service period for each separately vesting tranche of the award as if they were multiple awards. Earnings Per Share Basic net income per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding during the Successor period. Diluted net income per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share based compensation awards outstanding during the Successor period. For the Predecessor periods, FoA Equity’s capital structure consisted of a single class of outstanding membership units which were held by one member, UFG. Therefore, the Company omitted earnings per unit for the Predecessor periods presented due to the limited number of LLC unit holders. Reclassifications Certain amounts from the prior period consolidated financial statements have been reclassified to conform to the current period financial presentation. Recently Adopted Accounting Guidance Standard Description Effective Date Effect on Consolidated Financial Statements ASU 2016-13 2019-04, 2019-05, 2019-10, 2019-11, 2020-03, Requires use of the current expected credit loss model that is based on expected losses (net of expected recoveries), rather than incurred losses, to determine our allowance for credit losses on financial assets measured at amortized cost, certain net investments in leases and certain off-balance Replaces current accounting for purchased credit impaired (“PCI”) and impaired loans. Amends the other-than-temporary impairment model for available for sale debt securities. The new guidance requires that credit losses be recorded through an allowance approach, rather than through permanent write-downs for credit losses and subsequent accretion of positive changes through interest income over time. January 2020 The Company determined that certain servicer advances and other receivables, net of reserves included in other assets are within the scope of ASU 2016-13. 2016-13 ASU 2018-17 The amendments in this Update require that indirect interests held through related parties under common control be considered on a proportional basis when determining whether fees paid to decision makers or service providers are variable interests. These amendments align with the determination of whether a reporting entity within a related party group is the primary beneficiary of a VIE. January 2020 The Company adopted this guidance using the prospective method of adoption. Adoption of this standard did not have a material impact on the consolidated financial statements. ASU No. 2017-04, Historical guidance for goodwill impairment testing prescribed that the Company must compare each reporting unit’s carrying value to its fair value. If the carrying value exceeds fair value, an entity performs the second step, which assigns the reporting unit’s fair value to its assets and liabilities, including unrecognized assets and liabilities, in the same manner as required in purchase accounting and then records an impairment. This ASU eliminates the second step. Under the new guidance, an impairment of a reporting unit’s goodwill is determined based on the amount by which the reporting unit’s carrying value exceeds its fair value, limited to the amount of goodwill allocated to the reporting unit. January 2020 The Company adopted this guidance using the prospective method of adoption. Adoption of this standard did not have a material impact on the consolidated financial statements. Standard Description Effective Date Effect on Consolidated Financial Statements ASU 2018-13 The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. Certain disclosure requirements were either removed, modified, or added. This guidance removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 fair value measurement methodologies, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. It also adds a requirement to for the disclosure of a) changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and b) the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. For certain unobservable inputs, entities may disclose other quantitative information in lieu of the weighted average if the other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. January 2020 The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. ASU 2018-15 350-40): The amendments in this Update align the requirements for capitalizing implementation costs incurred in a service-contract hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use internal-use January 2020 The Company adopted this guidance using the prospective method of adoption. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. ASU No. 2019-12, This amendment simplifies various aspects of the guidance on accounting for income taxes. January 2021 The Company adopted this guidance using the prospective method of adoption. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Guidance, Not Yet Adopted as of June 30, 2021 Standard Description Date of Planned Effect on Consolidated Financial Statements ASU 2020-04, ASU 2021-01, The amendments in this Update provide temporary optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Inter-Bank Offered Rate (“LIBOR”) or other interbank offered rates expected to be discontinued. In January 2021, TBD This ASU is effective from March 12, 2020 through December 31, 2022. If LIBOR ceases to exist or if the methods of calculating LIBOR change from the current methods for any reasons, interest rates on our floating rate loans, obligation derivatives, and other financial instruments tied to LIBOR rates, may be affected and need renegotiation with its lenders. The Company continues to assess the potential impact that the adoption of this ASU will have on the Company’s consolidated financial statements and related disclosures. ASU 2021-04, 470-50), 815-40): The amendments in this Update affect all entities that issue freestanding written call options that are classified in equity. Specifically, the amendments affect those entities when a freestanding equity-classified written call option is modified or exchanged and remains equity classified after the modification or exchange. The amendments that relate to the recognition and measurement of EPS for certain modifications or exchanges of freestanding equity-classified written call options affect entities that present EPS in accordance with the guidance in Topic 260, Earnings Per Share. January 2022 This ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of this standard is not expected to have any material impact on the Company’s consolidated financial statements as it currently does not apply. |
Variable Interest Entities and
Variable Interest Entities and Securitizations | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities and Securitizations | 3. Variable Interest Entities and Securitizations The Company determined that the SPEs created in connection with its securitizations are VIEs. A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is the entity that, through its variable interests has both the power to direct the activities that significantly impact the VIE’s economic performance and the obligations to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. FACo FACo securitizes certain of its interests in fix & flip mortgages. The transactions provide debt security holders the ability to invest in a pool of performing loans secured by an investment in real estate. The transactions provide FACo with access to liquidity for the loans and ongoing management fees. The principal and interest on the outstanding debt securities are paid using the cash flows from the underlying loans, which serve as collateral for the debt. In April 2021, FACo executed its optional redemption of outstanding securitized notes related to the 2018, 2019, and 2020 ANTLR securitizations. As part of the optional redemption, FACo paid off notes with an outstanding principal balance of $175.3 million. The notes were paid off at par. FAR FAR securitizes certain of its interests in non-performing non-agency one-to-four-family In February 2021, FAR executed its optional redemption of outstanding securitized notes related to outstanding nonperforming HECM securitizations. As part of the optional redemption, FAR paid off notes with an outstanding principal balance of $294.2 million. The notes were paid off at par. In April 2021, FAR executed its optional redemption of outstanding securitized notes related to outstanding non-agency In their capacity as servicer of the securitized loans, FACo and FAR retain the power to direct the VIE’s activities that most significantly impact the VIEs economic performance. FACo and FAR also retain certain beneficial interests in these trusts which provide exposure to potential gains and losses based on the performance of the trust. As FACo and FAR have both the power to direct the activities that significantly impact the VIE’s economic performance and the obligations to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the definition of primary beneficiary is met and the trusts are consolidated by the Company through its FACo and FAR subsidiaries. Certain obligations may arise from the agreements associated with transfers of loans. Under these agreements, the Company may be obligated to repurchase the loans, or otherwise indemnify or reimburse the investor for losses incurred due to material breach of contractual representations and warranties. There were no charge-offs associated with these transferred mortgage loans related to the standard securitization representations and warranties obligations for the Successor period from April 1, 2021 to June 30, 2021 or the Predecessor period from January 1, 2021 to March 31, 2021. There were also no charge-offs associated with these transferred mortgage loans for the Predecessor periods for the three months ended June 30, 2020 or for the six months ended June 30, 2020. The following table presents the assets and liabilities of the Company’s consolidated VIEs, which are included in the Consolidated Statements of Financial Condition and excludes intercompany balances, except for retained bonds and beneficial interests (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor ASSETS Restricted cash $ 334,984 $ 293,580 Mortgage loans held for investment, subject to nonrecourse debt, at fair value 2021 FASST JR1 562,333 — 2021 FASST HB1 506,482 — 2019 FASST JR2 437,641 488,760 2020 FASST HB2 397,121 398,480 2018 FASST JR1 395,716 449,069 2019 FASST JR3 370,209 450,703 2020 FASST JR3 341,385 372,015 2019 FASST JR4 331,302 377,265 2020 FASST S3 313,728 316,774 2020 FASST JR2 312,160 341,439 2019 FASST JR1 295,605 331,244 2020 FASST S2 289,129 311,721 2021 RTL1 ANTLR 234,942 — 2018 FASST JR2 234,665 264,622 2020 FASST JR4 228,248 237,100 2020 FASST S1 173,955 189,243 2020 FASST JR1 — 263,266 2020 RTL1 ANTLR — 137,989 2018 RTL1 ANTLR — 82,393 2019 RTL1 ANTLR — 118,161 2020 FASST HB1 — 265,923 Other assets 76,056 79,528 TOTAL ASSETS $ 5,835,661 $ 5,769,275 LIABILITIES Nonrecourse debt, at fair value 2021 FASST HB1 $ 537,618 $ — 2021 FASST JR1 534,444 — 2020 FASST HB2 448,333 474,599 2019 FASST JR2 447,966 487,966 2018 FASST JR1 412,370 458,279 2019 FASST JR3 394,096 445,691 2020 FASST JR3 333,373 354,762 2019 FASST JR4 332,846 368,963 2019 FASST JR1 317,778 343,544 2020 FASST S2 302,253 314,144 2020 FASST S3 301,631 309,713 2020 FASST JR2 296,093 313,057 2021 RTL1 ANTLR 268,428 — 2018 FASST JR2 243,734 269,741 2020 FASST JR4 209,035 228,804 2020 FASST S1 178,704 191,189 2020 FASST JR1 — 250,988 2020 RTL1 ANTLR — 140,839 2018 RTL1 ANTLR — 80,767 2019 RTL1 ANTLR — 127,981 2020 FASST HB1 — 298,914 Payables and other liabilities 117 291 TOTAL VIE LIABILITIES 5,558,819 5,460,232 Retained bonds and beneficial interests eliminated in consolidation (198,099 ) (202,187 ) TOTAL CONSOLIDATED LIABILITIES $ 5,360,720 $ 5,258,045 FAM FAM securitizes certain of its interests in agency-eligible residential mortgage loans. The transaction provides investors with the ability to invest in a pool of mortgage loans secured by one-to-four-family a % eligible vertical interest in the Trust. The Company determined that the securitization structure meets the definition of a VIE and concluded that the Company does not hold a significant variable interest in the securitization and that the contractual role as servicer is not a variable interest and does not give the Company the power to direct the activities that most significantly affect the economic performance of the VIE. The transfer of the loans to the VIE was determined to be a sale. The Company derecognized the mortgage loans and did not consolidate the trust. FAM’s continuing involvement with and exposure to loss from the VIE includes the carrying value of the retained bond, the servicing asset recognized in the sale of the loans, servicing advances in the role as servicer, and obligations under representations and warranties contained in the loan sale agreements. Creditors of the VIE have no recourse to FAM’s assets or general credit. The underlying performance of the mortgage loans transferred has a direct impact on the fair values and cash flows of the beneficial interests held and the servicing asset recognized. As of June 30, 2021 (Successor), the interests retained upon transfer of the mortgage loans consisted of an interest in each class of securities issued by the VIE and had an initial fair value of $15.7 million. The servicing asset recognized upon sale of the mortgage loans to the VIE had an initial fair value of $1.1 million. Cash proceeds from the securitization were $299.0 million. The Company recorded a gain on sale on the securitization of $12.5 million. The following table presents a summary of the outstanding collateral and certificate balances for securitization trusts for which the Company was the transferor and that were not consolidated by the Company: June 30, 2021 December 31, 2020 Successor Predecessor Unconsolidated Securitization Trusts: Total collateral balances – UPB $ 300,318 $— Total certificate balances $ 300,047 $— As of June 30, 2021 (Successor) and December 31, 2020 (Predecessor), there were $0.1 million of mortgage loans transferred by the Company to unconsolidated securitization trusts that are 60 days or less past due. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | 4. Acquisitions On October 12, 2020, the Company, Replay and FoA Equity entered into a Transaction Agreement (the “Transaction Agreement”) pursuant to which Replay agreed to combine with FoA Equity in a series of transactions that resulted in the Company becoming a publicly-traded company on the New York Stock Exchange (“NYSE”) and controlling FoA Equity in an “UP-C” economic interest in FoA Equity in the form of Class A LLC Units. Additionally, the Company issued to the Continuing Unitholders shares of Class B Common Stock, which have no economic rights but entitle each holder to a number of votes that is equal to the aggregate number of Class A LLC Units held by such holder on all matters on which shareholders of the Company are entitled to vote generally. Subsequent to the Closing, the Company controls FoA Equity as the sole appointer of the board of managers and is a holding company with no assets or operations other than its equity interest in FoA Equity. The Business Combination was accounted for using the acquisition method with the Company as the accounting acquirer. Under the acquisition method of accounting, the Company’s assets and liabilities were recorded at carrying value, and the assets and liabilities associated with FoA Equity were recorded at estimated fair value as of the Closing Date. The excess of the purchase price over the estimated fair values of the net assets acquired was recognized as goodwill. For accounting purposes, the acquirer is the entity that has obtained control of another entity and, thus, consummated a business combination. The determination of whether control has been obtained begins with the evaluation of whether control should be evaluated based on the variable interest or voting interest model. If the acquiree is a variable interest entity, the primary beneficiary would be the accounting acquirer. FoA Equity met the definition of a variable interest entity, and the Company was determined to be the primary beneficiary. As a result of the Business Combination, the Company’s financial statement presentation distinguishes FoA Equity as the “Predecessor” through the Closing Date. FoA is the “Successor” for periods after the Closing Date. As a result of the application of the acquisition method of accounting in the Successor period, the consolidated financial statements for the Successor period are presented on a full step-up step-up The consolidated financial statements will not be retrospectively adjusted for any provisional amount changes that occur in subsequent periods. Rather, any provisional amount adjustments will be recognized during the reporting period in which the adjustments are determined. The Company will also be required to record, in the same period’s consolidated financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of any change to the provisional amounts, calculated as if the accounting had been completed at the Closing Date. The purchase price allocation, while provisional, has been substantially completed. The allocation will be finalized as soon as practicable, but no later than one year from the Closing Date. The following table summarizes the provisional estimated fair value of consideration transferred, noncontrolling interest equity value, assets acquired and liabilities assumed in conjunction with the Business Combination (in thousands): Consideration transferred: Total cash consideration $ 342,270 Blocker rollover equity 221,811 Seller earnout contingent consideration (1) 160,272 Tax receivable agreement obligations to the seller 31,950 Total consideration transferred 756,303 Noncontrolling interest 1,658,545 Total equity value $ 2,414,848 Assets acquired: Cash and cash equivalents $ 336,075 Restricted cash 305,292 Reverse mortgage loans held for investment, subject to HMBS related obligations, at fair value 10,071,192 Mortgage loans held for investment, subject to nonrecourse debt, at fair value 5,291,443 Mortgage loans held for investment, at fair value 1,100,544 Mortgage loans held for sale, at fair value 2,140,361 Debt securities 9,230 Mortgage servicing rights, at fair value 267,364 Derivative assets 116,479 Fixed assets and leasehold improvements, net 26,079 Intangible assets, net (2) 717,700 Other assets, net 279,155 Total assets acquired $ 20,660,914 Liabilities assumed: HMBS related obligations, at fair value $ 9,926,131 Nonrecourse debt, at fair value 5,227,942 Other financing lines of credit 3,340,345 Payables and other liabilities 669,048 Notes payable, net 353,924 Total liabilities assumed $ 19,517,390 Net identifiable assets acquired 1,143,524 Goodwill (3) $ 1,271,324 (1) Represents the estimated fair market value of earnout shares issued to Sellers, which will be settled with shares of Class A Common Stock and is accounted for as equity classified contingent consideration. These estimated fair values are preliminary and subject to adjustments in subsequent periods. (2) Intangible assets were identified that met either the separability criterion or contractual legal criterion. The evaluations of the facts and circumstances available as of April 1, 2021, to assign provisional fair values to assets acquired and liabilities assumed are ongoing, including the assessments of the economic characteristics of intangible assets. These evaluations may result in changes to the provisional amounts recorded based on third-party valuations performed. The indefinite lived trade names and definite lived trade names intangible assets represent the values of all the Company’s trade names. The broker/customer relationships intangible asset represents the existing broker/customer relationships. Identifiable intangible assets Provisional Fair value (in thousands) Provisional Useful life (in years) Indefinite lived trade names $ 178,000 N/A Definite lived trade names 8,800 10 Broker/customer relationships 530,900 8-15 Total $ 717,700 (3) Goodwill represents the excess of the gross consideration transferred over the provisional fair value of the underlying net tangible and identifiable intangible assets acquired. Goodwill represents future economic benefits arising from acquiring FoA Equity, primarily due to its strong market position and its assembled workforce that are not individually identified and separately recognized as intangible assets. Approximately 85.2 million of the goodwill recognized is expected to be deductible for income tax purposes. There were certain transaction expenses contingent on the Closing (i.e. the change-in-control event). Given these expenses were triggered by the successful Closing of the Business Combination, the payment of $ million is considered to have been incurred “on the line”, i.e., these expenses are not presented in either the predecessor or successor periods. The following unaudited pro forma financial information presents the results of operations as if the Business Combination had occurred on January 1, 2020. The unaudited pro forma results may not necessarily reflect the actual results of operations that would have been achieved nor are they necessarily indicative of future results of operations. (in thousands) For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 Pro forma revenues $ 387,014 $ 454,249 $ 895,203 $ 639,377 Pro forma net income 19,672 100,413 111,055 7,121 Pro forma net income attributable to controlling interest 6,748 27,492 37,734 12,985 Pro forma net income (loss) attributable to noncontrolling interest 12,924 72,921 73,321 (5,864 ) Renovate America Inc. On March 26, 2021, in order to expand it’s product base to home improvement loans, the Company acquired certain assets and operations of Renovate America Inc. (“RAI”), that constitute a business for purposes of ASC 805, in a business combination for $ million predominantly paid in cash at closing. A fair value estimate of $ million in net assets were acquired with the purchase, consisting primarily of purchased loans, with the remaining $ million of the purchase price being allocated to goodwill. Parkside On May 14, 2021, in order to further strengthen its position in the wholesale mortgage originations, the Company acquired certain assets and operations of Parkside Lending, LLC (“Parkside”), that constitute a business for purposes of ASC 805, in a business combination for $ million cash paid at closing. The Company acquired certain key contracts and real property leases, as well as proprietary materials, intellectual property, and workforce. In addition to the initial cash purchase price, an earnout liability of $7.0 million was recorded for future contingent consideration payments that are tied to Parkside achieving certain specified profitability metrics, with the offset allocated to goodwill. The total amount of cash consideration and earnout liability of $27.0 million have been allocated to goodwill. The RAI and Parkside transactions will be accounted for using the acquisition method. Under the acquisition method of accounting, RAI and Parkside’s assets and liabilities will be recorded at estimated fair value as of the acquisition dates with the excess of the purchase prices over the estimated fair values of the net assets acquired, if applicable, recognized as goodwill. Additional disclosures required by ASC 805 with respect to the RAI and Parkside acquisitions have been omitted because the information is immaterial to the financial statements. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 5. Fair Value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is based on the assumptions market participants would use when pricing an asset or liability and follows a fair value hierarchy that prioritizes the information used to develop those assumptions. The fair value hierarchy gives the highest priority to quoted prices available in active markets (i.e., observable inputs) and the lowest priority to data lacking transparency (i.e., unobservable inputs). In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. An instrument’s categorization within the fair value hierarchy is based on the lowest level of significant input to its valuation. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. All aspects of nonperformance risk, including the Company’s own credit standing, are considered when measuring the fair value of a liability. Following is a description of the three levels: Level 1 Inputs: Quoted prices for identical instruments in active markets. Level 2 Inputs: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 Inputs: Instruments with unobservable inputs that are significant to the fair value measurement. The Company classifies assets in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy for the Successor period from April 1, 2021 to June 30, 2021 or for the Predecessor period from January 1, 2021 to March 31, 2021. There were no transfers for the Predecessor for the three months ended and six months ended June 30, 2020. Following are descriptions of the valuation methodologies used to measure material assets and liabilities at fair value and the details of the valuation models, key inputs to those models and significant assumptions utilized. Within the assumption tables presented, not meaningful (“NM”) refers to a range of inputs that is too broad to provide meaningful information to the user or to an input that has no range and consists of a single data point. Reverse Mortgage Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value HECM loans securitized into Ginnie Mae (“GNMA”) HMBS are not actively traded in open markets with readily observable market prices. The Company values HECM loans securitized into GNMA HMBS utilizing a present value methodology that discounts estimated projected cash flows over the life of the loan portfolio using prepayment, borrower mortality, borrower draw and discounts rate assumptions management believes a market participant would use in estimating fair value. The significant unobservable inputs used in the measurement include: Conditional Repayment Rate—The Company projects borrower prepayment rates which considers borrower age and gender and is based on historical termination rates. The outputs of borrower prepayment rates, which include both voluntary and involuntary prepayments, are utilized to anticipate future terminations. Loss Frequency and Severity—Termination proceeds are adjusted for expected loss frequencies and severities to arrive at net proceeds that will be provided upon final resolution. Loss frequency and severity represent the frequency of losses and the losses associated with loans that are liquidated through a foreclosure sale, net of claim proceeds. Historical experience is utilized to estimate the loss rates resulting from scenarios where FHA insurance proceeds are not expected to cover all principal and interest outstanding and, as servicer, the Company is exposed to losses upon resolution of the loan. Loss frequency and severity are based upon the historical experience with specific loan resolution waterfalls. Due and Payable Triggers—The input for terminations not attributable to an FHA assignment is based on historical foreclosure and liquidation experience. Discount Rate—derived based upon reference to yields required by market participants for recent transactions in the HECM loan bulk market adjusted based upon weighted average life of the loan portfolio. This rate reflects what the Company believes to be a market participant’s required yield on HECM loans of similar weighted average lives. The yield spread is applied over an interpolated benchmark curve or as a spread over a collateral forward curve. Average Draw Rates—The draw curve is estimated based upon the historical experience with the specific product type contemplating the borrower’s age and loan age. Changes to any of these assumptions could result in significantly different valuation results. The Company classifies reverse mortgage loans held for investment as Level 3 assets within the GAAP hierarchy, as they are dependent on unobservable inputs. The following table presents the weighted average significant unobservable inputs used in the fair value measurement of reverse mortgage loans held for investment, subject to HMBS related obligations, for the periods indicated: June 30, 2021 December 31, 2020 Predecessor Successor Range of Input Weighted Average of Range of Input Weighted Average of Conditional repayment rate NM 20.3 % NM 20.0 % Loss frequency NM 4.3 % NM 4.4 % Loss severity 4.9% - 11.7% 5.2 % 5.1% - 13.3% 5.4 % Discount rate NM 1.9 % NM 1.6 % Average draw rate NM 1.1 % NM 1.1 % The Company aggregates loan portfolios based upon the underlying securitization trust and values these loans using these aggregated pools. The range of inputs provided above are based upon the range of inputs utilized for each securitization trust. Mortgage Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value Reverse Mortgage Loans Reverse mortgage loans held for investment, subject to nonrecourse debt, include HECM loans previously purchased out of GNMA HMBS pools and non FHA-insured HECM Buyouts—Securitized (Nonperforming) The Company values nonperforming securitized HECM buyouts utilizing a present value methodology that discounts estimated projected cash flows over the life of the portfolio using conditional repayment, loss frequency and severity, borrower mortality, and discount rate assumptions management believes a market participant would use in estimating fair value. The following table presents the weighted average significant unobservable inputs used in the fair value measurement of nonperforming securitized HECM buyouts for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Conditional repayment rate NM 40.6 % NM 42.9 % Loss frequency 25.0% - 100.0% 52.5 % 25.0% - 100.0% 54.8 % Loss severity 4.9% - 11.7% 7.0 % 5.1% - 13.3% 7.5 % Discount rate NM 3.6 % NM 4.1 % The Company aggregates loan portfolios based upon the underlying securitization trust and values these loans using these aggregated pools. The range of inputs provided above are based upon the range of inputs utilized for each securitization trust. HECM Buyouts—Securitized (Performing) The Company values performing securitized HECM buyouts utilizing a present value methodology that discounts estimated projected cash flows over the life of the portfolio using conditional repayment, loss frequency and severity, borrower mortality, and discount rate assumptions management believes a market participant would use in estimating fair value. The following table presents the weighted average significant unobservable inputs used in the fair value measurement of performing securitized HECM buyouts for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Weighted average remaining life in years NM 8.7 NM 8.5 Conditional repayment rate NM 13.7 % NM 14.7 % Loss severity 4.9% - 11.7% 8.6 % 5.1% - 13.3% 7.7 % Discount rate NM 3.4 % NM 3.5 % The Company aggregates loan portfolios based upon the underlying securitization trust and values these loans using these aggregated pools. The range of inputs provided above are based upon the range of inputs utilized for each securitization trust. Non-Agency The Company values securitized non-agency non-agency June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Weighted-average remaining life in years NM 7.1 NM 6.9 Loan to value 0.1% - 75.7% 50.0 % 9.0% - 73.1% 48.2 % Conditional repayment rate NM 19.2 % NM 18.7 % Loss severity NM 10.0 % NM 10.0 % Home price appreciation 3.9% - 8.8% 5.9 % 1.1% - 8.9% 5.6 % Discount rate NM 3.7 % NM 3.6 % The Company aggregates loan portfolios based upon the underlying securitization trust and values these loans using these aggregated pools. The range of inputs provided above are based upon the range of inputs utilized for each securitization trust. Commercial Mortgage Loans Fix & Flip—Securitized The securitized Fix & Flip loans are short-term loans for individual real estate investors, with terms ranging from 9-18 The Company utilized the following weighted average assumptions in estimating the fair value of securitized Fix & Flip mortgage loans for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Prepayment rate (SMM) NM 15.3 % NM 17.1 % Discount rate 5.1% - 10.0% 5.1 % 6.7% - 10.0% 6.7 % Loss frequency 0.3% - 77.2% 0.7 % 0.2% - 44.0% 0.6 % The Company aggregates loan portfolios based upon the underlying securitization trust and values these loans using these aggregated pools. The range of inputs provided above are based upon the range of inputs utilized for each securitization trust. Mortgage Loans Held for Investment, at Fair Value Reverse Mortgage Loans Reverse mortgage loans held for investment, at fair value, consists of originated or purchased HECM and non-agency Originated or purchased HECM loans held for investment are valued predominantly by utilizing forward HMBS prices for similar pool characteristics and based on observable market data. These amounts are further adjusted to include future cash flows that would be earned for servicing the HECM loan over the life of the asset. Unsecuritized tails consists of performing and nonperforming repurchased loans. The fair value of performing unsecuritized tails are valued at current pricing levels for similar GNMA HMBS. The fair value of nonperforming unsecuritized tails is based on expected claim proceeds from the Department of Housing and Urban Development (“HUD”) upon assignment of the loans. The fair value of repurchased loans is based on expected cash proceeds of the liquidation of the underlying properties and expected claim proceeds from HUD. The primary assumptions utilized in valuing nonperforming repurchased loans include loss frequency and loss severity. Termination proceeds are adjusted for expected loss frequencies and severities to arrive at net proceeds that will be provided upon final resolution, including assignments to FHA. Historical experience is utilized to estimate the loss rates resulting from scenarios where FHA insurance proceeds are not expected to cover all principal and interest outstanding and as servicer, the Company is exposed to losses upon resolution of the loan. The Company classifies reverse mortgage loans held for investment, at fair value as Level 3 assets within the GAAP hierarchy. Inventory Buyouts The fair value of Inventory Buyouts is based on the expected cash proceeds of the liquidation of the underlying properties and expected claim proceeds from HUD. The primary assumptions utilized in valuing Inventory Buyouts include loss frequency and loss severity. Termination proceeds are adjusted for expected loss frequencies and severities to arrive at net proceeds that will be provided upon final resolution, including assignments to FHA. Historical experience is utilized to estimate the loss rates resulting from scenarios where FHA insurance proceeds are not expected to cover all principal and interest outstanding and as servicer, the Company is exposed to losses upon resolution of the loan. The Company values Inventory Buyouts utilizing a present value methodology that discounts estimated projected cash flows over the life of the portfolio using conditional repayment, loss frequency and severity, borrower mortality, and discount rate assumptions management believes a market participant would use in estimating fair value. The following table presents the weighted average significant unobservable inputs used in the fair value measurement of Inventory Buyouts classified as reverse mortgage loans held for investment for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Conditional repayment rate NM 45.8 % NM 44.0 % Loss frequency NM 53.6 % NM 46.9 % Loss severity NM 9.4 % NM 10.5 % Discount rate NM 3.6 % NM 4.1 % Non-Agency The fair value of non-agency The Company values non-agency The following table presents the weighted average significant unobservable inputs used in the fair value measurement of non-agency June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Weighted-average remaining life in years NM 8.0 NM 8.0 Loan to value 0.4% - 62.8% 44.6 % 0.1% - 62.1% 44.0 % Conditional repayment rate NM 16.9 % NM 16.8 % Loss severity NM 10.0 % NM 10.0 % Home price appreciation 3.9% - 8.8% 5.9 % 1.1% - 8.9% 5.5 % Discount rate NM 3.7 % NM 3.6 % Commercial Mortgage Loans Fix & Flip The Fix & Flip loans are short-term loans for individual real estate investors, with terms ranging from 9—18 months. This product is valued using a discounted cash flow model. The Company classifies these mortgage loans as Level 3 assets within the GAAP hierarchy. The Company utilized the following weighted average assumptions in estimating the fair value of Fix & Flip mortgage loans for the periods indicated: June 30, 2021 Successor Range of Input Weighted Average of Prepayment rate (SMM) NM 12.5 % Discount rate NM 5.4 % Loss frequency NM 0.4 % As of March 2021, management made the decision to change the classification of fix & flip loans from mortgage loans held for sale, at fair value, to mortgage loans held for investment, at fair value. Agricultural Loans The agricultural loans are government-insured loans made to farmers to fund their inputs and operating expenses for the upcoming growing season with terms ranging from 7—17 months. The product is valued using a discounted cash flow model. The Company classifies these mortgage loans as Level 3 assets within the GAAP hierarchy. The Company utilized the following assumptions in estimating the fair value of agricultural loans for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Discount rate NM 4.7 % NM 6.4 % Prepayment rate (SMM) 10.0% - 100.0% 28.3 % 0% - 1.0% 0.7 % Default rate (CDR) NM 1.0 % 0% - 2.0% 0.4 % Mortgage Loans Held for Sale, at Fair Value Reverse Mortgage Loans Reverse mortgage loans held for sale, at fair value, consists of unpoolable loans that the Company intends to sell to third party investors. Reverse mortgage loans held for sale consists primarily of performing repurchased loans. The fair value of performing unpoolable loans is based on expected claim proceeds from HUD upon assignment of the loans. In certain instances the loan balance may exceed the maximum claim amount (“MCA”). In these instances, the fair value is based on expected proceeds from sale of the underlying property and any additional HUD claim proceeds. The Company classifies reverse mortgage loans held for sale as Level 3 assets within the GAAP hierarchy. Residential and Commercial Mortgage Loans Mortgage loans held for sale include residential and commercial mortgage loans originated by the Company and held until sold to secondary market investors. The Company primarily originates conventional GSEs and government (FHA and Department of Veterans Affairs) residential mortgage loans (collectively “residential mortgage loans held for sale”) and recourse and nonrecourse commercial mortgage loans to owners and investors of single and multi-family residential rental properties (“commercial loans held for sale”). Residential Mortgage Loans The Company originates or purchases mortgage loans in the U.S. that it intends to sell to FNMA, FHLMC, and GNMA (collectively “the Agencies”). Additionally, the Company originates or purchases mortgage loans in the U.S. that it intends to sell into the secondary markets via whole loan sales. Mortgage loans held for sale are typically pooled and sold into certain exit markets, depending upon underlying attributes of the loan, such as agency eligibility, product type, interest rate, and credit quality. In addition, the Company may originate loans that do not meet specific underwriting criteria and are not eligible to be sold to the Agencies. Two valuation methodologies are used to determine the fair value of mortgage loans held for sale. The methodology used depends on the exit market as described below: Loans valued using observable market prices for identical or similar assets non-agency Loans valued using internal models Commercial Mortgage Loans The Company primarily originates two separate commercial loan products that it classifies as held for sale: Single Rental Loan (“SRL”) and Portfolio Lending. SRL The SRL product is designed for small/individual real estate investors looking to purchase and then rent-out 30-year The Company utilized the following weighted average assumptions in estimating the fair value of SRL mortgage loans held for sale for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Prepayment rate (CPR) 1.0% - 17.0% 14.0 % 1.0% - 17.1% 15.4 % Discount rate NM 3.3 % NM 5.0 % Default rate (CDR) 1.0% - 54.0% 2.4 % 1.0% - 64.9% 3.6 % Portfolio Lending The Portfolio product is designed for larger investors with multiple properties. Specifically, these loans are useful for consolidating multiple rental property mortgages into a single loan. These loans have fixed coupons that typically range from 5.0%—6.2%, with 5 and 10-year The Company utilized the following weighted average assumptions in estimating the fair value of Portfolio mortgage loans held for sale for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Prepayment rate (CPR) 0.0% - 14.8% 8.1 % 0% - 15.0% 9.3 % Discount rate NM 3.8 % NM 4.9 % Default rate (CDR) 1.0% - 27.1% 1.7 % 1.0% - 42.7% 2.0 % Fix & Flip The Fix & Flip loans are short-term loans for individual real estate investors, with terms ranging from 9-18 The Company utilized the following weighted average assumptions in estimating the fair value of fix & flip mortgage loans for the periods indicated: December 31, 2020 Predecessor Range of Input Weighted Average Prepayment rate (SMM) NM 12.4 % Discount rate 6.7% - 10.0% 7.2 % Loss frequency NM 0.8 % As of March 2021, management made the decision to change the classification of fix & flip loans from mortgage loans held for sale, at fair value, to mortgage loans held for investment, at fair value. Mortgage Servicing Rights (FAM) As of June 30, 2021 (Successor) and December 31, 2020 (Predecessor), the Company valued mortgage servicing rights internally. The significant assumptions utilized to determine fair value are projected prepayments using the Public Securities Association Standard Prepayment Model, discount rates, and projected servicing costs that vary based on the loan type and delinquency. The Company classifies these valuations as Level 3 since they are dependent on unobservable inputs. Fair value is derived through a discounted cash flow analysis and calculated using a computer pricing model. This computer valuation is based on the objective characteristics of the portfolio (loan amount, note rate, etc.) and commonly used industry assumptions (PSAs, etc.). The assumptions taken into account by the pricing model are those which many active purchasers of servicing employ in their evaluations of portfolios for sale in the secondary market. The unique characteristics of the secondary servicing market often dictate adjustments to parameters over short periods of time. Subjective factors are also considered in the derivation of fair values, including levels of supply and demand for servicing, interest rate trends, and perception of risk not incorporated into prepayment assumptions. Fair value is defined as the estimated price at which the servicing rights would change hands in the marketplace between a willing buyer and seller. The valuation assumes that neither party would be under any compulsion to buy or sell and that each has reasonably complete and accurate knowledge of all relevant aspects of the offered servicing. The fair values represented in this analysis have been derived under the assumptions that sufficient time would be available to market the portfolio. The following tables summarize certain information regarding the servicing portfolio of retained MSRs for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Capitalization servicing rate 1.0 % 0.8 % Capitalization servicing multiple 3.8 3.2 Weighted-average servicing fee (in basis points) 25 25 The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates): June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average Range of Input Weighted Average Weighted average prepayment speed (CPR) 5.7% - 19.9% 10.1 % 6.6% - 24.9% 12.1 % Discount rate NM 10.4 % NM 12.1 % Weighted average delinquency rate 1.2% - 9.1% 1.3 % 1.2% - 9.2% 1.3 % The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions (in thousands): June 30, 2021 Successor Weighted Average Discount Weighted Average Impact on fair value of 10% adverse change $ (10,734 ) $ (10,921 ) $ (138 ) Impact on fair value of 20% adverse change (20,763 ) (21,093 ) (348 ) These sensitivities are hypothetical and should be evaluated with care. The effect on fair value of a 10% variation 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. Investments, at Fair Value The Company invests in the equity of other companies in the form of common stock, preferred stock, or other in-substance Derivative Assets and Liabilities Some of the derivatives held by the Company are exchange-traded or traded within highly active dealer markets. In order to determine the fair value of these instruments, the Company utilizes the exchange price or dealer market price for the particular derivative contract; therefore, these contracts are classified as Level 1. In addition, the Company enters into IRLCs with prospective borrowers. Commitments to fund residential mortgage loans with potential borrowers are a binding agreement to lend funds to these potential borrowers at a specified interest rate within a specified period of time. The fair value of IRLCs is derived from the fair value of similar mortgage loans or bonds, which is based on observable market data. Changes to the fair value of IRLCs are recognized based on changes in interest rates, changes in the probability that the commitment will be exercised (pull through factor), and the passage of time. The expected net future cash flows related to the associated servicing of the loan are included in the fair value measurement of IRLCs. The Company adjusts the outstanding IRLCs with prospective borrowers based on an expectation that it will be exercised and the loan will be funded. Given the unobservable nature of the pull through factor, IRLCs are classified as Level 3. In addition, the Company executes derivative contracts, including forward commitments, TBAs, interest rate swaps, and interest rate swap futures, as part of its overall risk management strategy related to its reverse mortgage and commercial loan portfolios. The value of the forward commitments is estimated using current market prices for HMBS and are considered Level 3 in the fair value hierarchy. TBAs are valued based on forward dealer marks from the Company’s approved counterparties and are considered Level 2 in the fair value hierarchy. The value of interest rate swaps and interest rate swap futures is based on the exchange price or dealer market prices. The Company classifies interest rate swaps as Level 2 in the fair value hierarchy. The Company classifies interest rate swap futures as Level 1 in the fair value hierarchy. The value of the forward MBS is based on forward prices with dealers in such securities or internally-developed third party models utilizing observable market inputs. The Company classifies forward MBS as Level 2 in the fair value hierarchy. HMBS Related Obligations, at Fair Value The HMBS related obligation valuation considers the obligation to pass FHA insured cash flows through to the beneficial interest holders (repayment of secured borrowing) of the HMBS securities and the servicer and issuer obligations of the Company. The valuation of the obligation to repay the secured borrowing is estimated using Level 3 unobservable market inputs. The estimated fair value is based on the net present value of projected cash flows over the estimated life of the liability. The estimated fair value of the HMBS related obligations also includes the consideration required by a market participant to transfer the HECM and HMBS servicing obligations including exposure resulting from shortfalls in FHA insurance proceeds. The Company’s valuation considers assumptions that it believes a market participant would consider in valuing the liability, including, but not limited to, assumptions for repayment, costs to transfer servicing obligations, shortfalls in FHA insurance proceeds, and discount rates. The significant unobservable inputs used in the measurement include: Borrower Repayment Rates—the conditional repayment rate curve considers borrower age and gender is based on historical termination rates. Discount Rate—derived based on an assessment of current market yields and spreads that a market participant would consider for entering into an obligation to pass FHA insured cash flows through to holders of the HMBS beneficial interests. Yield spread applied over interpolated benchmark curve or as a spread over collateral forward curve. The following table presents the weighted average significant unobservable inputs used in the fair value measurement of HMBS related obligations for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average Range of Input Weighted Average Conditional repayment rate NM 20.2 % NM 19.9 % Discount rate NM 1.7 % NM 1.4 % Nonrecourse Debt Reverse Mortgage Loans Outstanding notes issued that are securitized by nonrecourse debt are paid using the cash flows from the underlying reverse mortgage loans, which serve as collateral for the debt. Nonrecourse debt is estimated using Level 3 unobservable market inputs. The estimated fair value is based on the net present value of projected cash flows over the estimated life of the liability. The significant unobservable inputs used in the measurement include: Weighted Average Remaining Life—The projected remaining life is based on the expected conditional prepayment rate, which is utilized to determine future terminations. Borrower Repayment Rates—The conditional repayment rate curve considers borrower age and gender is based on historical termination rates. Discount Rate—derived based on an assessment of current market yields and spreads that a market participant would consider for entering into an obligation to pass FHA insured cash flows through to holders of the HMBS beneficial interests. Yield spread applied over interpolated benchmark curve or as a spread over collateral forward curve. The Company’s valuation considers assumptions that it believes a market participant would consider in valuing the liability, including, but not limited to, assumptions for prepayment and discount rates. The following table presents the weighted average significant unobservable inputs used in the fair value measurements of nonrecourse debt for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Range of Input Weighted Performing/Nonperforming HECM securitizations Weighted-average remaining life (in years) 0.6 - 1.2 0.9 0.2 - 1.5 1.0 Conditional repayment rate 19.6% - 29.1% 23.9 % 34.3% - 56.3% 42.8 % Discount rate NM 2.1 % NM 3.1 % Securitized Non-Agency Weighted-average remaining life (in years) 1.3 - 2.1 1.9 0.3 - 2.7 2.1 Conditional repayment rate 20.6% - 31.2% 25.6 % 19.6% - 35.8% 23.9 % Discount rate NM 2.0 % NM 2.2 % Commercial Mortgage Loans Outstanding nonrecourse notes issued that are securitized by loans held for investment, subject to nonrecourse debt, are paid using the cash flows from the underlying mortgage loans. The fair value of nonrecourse debt is estimated using Level 3 unobservable market inputs. The estimated fair value is based on the net present value of projected cash flows over the estimated life of the liability. The Company’s valuation considers assumptions that it believes a market participant would consider in valuing the liability, including, but not limited to, assumptions for prepayment and discount rates. The Company estimates prepayment speeds giving consideration that the Company may in the future transfer additional loans to the trust, subject to the availability of funds provided for within the trust. The following table presents the significant unobservable inputs used in the fair value measurements of nonrecourse debt for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Range of Input Weighted Nonrecourse debt Weighted-average remaining life (in months) NM 3.8 1.9 3.4 Weighted-average prepayment speed (SMM) NM 17.1 % 17.7% - 32.0% 21.4 % Discount rate NM 2.5 % NM 5.8 % Deferred Purchase Price Liabilities Deferred purchase price liabilities are measured using a present value of future payments which considers various assumptions, including future loan origination volumes, projected earnings and discount rates. As of June 30, 2021 (Successor) and December 31, 2020 (Predecessor), the Company utilized discount rates ranging from 12% to 30% to value the deferred purchase price liabilities. The liabilities as of June 30, 2021 (Successor) include provisional estimates for the seller earnout provision related to the Parkside asset purchase agreement that were based on the information that was available as of the acquisition date. Refer to Note 4—Acquisitions for additional details regarding these acquisitions. As this value is largely based on unobservable inputs, the Company classifies this liability as Level 3 in the fair value hierarchy. Tax Receivable Agreement As a result of the Business Combination, the Company is a party to the tax receivable agreements (“TRAs”) with the Sellers. The fair value of the TRA obligation is derived through the use of a DCF model. The Company classifies the TRA obligation as Level 3 in the fair value hierarchy. Nonrecourse MSR Financing Liability, at Fair Value The Company has agreed to sell to certain third parties the right to receive all excess servicing and ancillary fees related to identified mortgage servicing rights in exchange for an upfront payment equal to the entire purchase price of the identified mortgage servicing rights. Cons |
Reverse Mortgages Portfolio Com
Reverse Mortgages Portfolio Composition | 6 Months Ended |
Jun. 30, 2021 | |
Reverse Mortgages Portfolio Composition [Abstract] | |
Reverse Mortgages Portfolio Composition | 6. Reverse Mortgages Portfolio Composition The table below summarizes the Company’s serviced reverse mortgage portfolio composition and the remaining UPBs of the reverse mortgage loan portfolio (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Reverse mortgage loans: Reverse mortgage loans held for investment, subject to HMBS related obligations $ 9,406,924 $ 9,045,104 Reverse mortgage loans held for investment: Non-agency 536,739 215,688 Loans not securitized (1) 254,004 168,292 Unpoolable loans (2) 80,487 197,395 Unpoolable tails 8,564 8,054 Total reverse mortgage loans held for investment 879,794 589,429 Reverse mortgage loans held for investment, subject to nonrecourse debt: Performing HECM buyouts 276,177 141,691 Nonperforming HECM buyouts 634,342 538,768 Non-agency 3,704,609 3,777,346 Total reverse mortgage loans held for investment, subject to nonrecourse debt 4,615,128 4,457,805 Total owned reverse mortgage portfolio 14,901,846 14,092,338 Loans reclassified as government guaranteed receivable 49,813 49,255 Loans serviced for others 18,099 123,324 Total serviced reverse mortgage loan portfolio $ 14,969,758 $ 14,264,917 (1) Loans not securitized represent primarily newly originated loans. (2) Unpoolable loans represent primarily loans that have reached 98% of their MCA. The table below summarizes the owned reverse mortgage portfolio by product type (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Fixed rate loans $ 5,181,814 $ 5,010,659 Adjustable rate loans 9,720,032 9,081,679 Total owned reverse mortgage portfolio $ 14,901,846 $ 14,092,338 |
Reverse Mortgage Loans Held for
Reverse Mortgage Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Reverse Mortgage Loans Held For Investment Subject To HMBS Related Obligations At Fair Value [Abstract] | |
Reverse Mortgage Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value | 7. Reverse Mortgage Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value Reverse mortgage loans held for investment, subject to HMBS related obligations, at fair value, consisted of the following for the dates indicated (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Reverse mortgage loans held for investment, subject to HMBS related obligations—UPB $ 9,406,924 $ 9,045,104 Fair value adjustments 909,103 884,059 Total reverse mortgage loans held for investment, subject to HMBS related obligations, at fair value $ 10,316,027 $ 9,929,163 |
Mortgage Loans Held for Investm
Mortgage Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Mortgage Loans Held For Investment Subject To Nonrecourse Debt At Fair Value [Abstract] | |
Mortgage Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value | 8. Mortgage Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value Mortgage loans held for investment, subject to nonrecourse debt, at fair value, consisted of the following for the dates indicated (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Mortgage loans held for investment, subject to nonrecourse debt—UPB: Reverse mortgage loans $ 4,615,128 $ 4,457,805 Commercial mortgage loans 229,858 333,344 Fair value adjustments 579,635 605,018 Total mortgage loans held for investment, subject to nonrecourse debt, at fair value $ 5,424,621 $ 5,396,167 The table below shows the total amount of mortgage loans held for investment, subject to nonrecourse debt that were greater than 90 days past due and on non-accrual June 30, 2021 December 31, 2020 Successor Predecessor Loans 90 days or more past due and on non-accrual Mortgage loans held for investment: Fair value: Commercial mortgage loans $ 33,764 $ 32,377 Total fair value 33,764 32,377 Aggregate UPB: Commercial mortgage loans $ 34,159 33,888 Total aggregate UPB 34,159 33,888 Difference $ (395 ) $ (1,511 ) |
Mortgage Loans Held for Inves_2
Mortgage Loans Held for Investment, at Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Mortgage Loans Held for Investment At Fair Value [Abstract] | |
Mortgage Loans Held for Investment, at Fair Value | 9. Mortgage Loans Held for Investment, at Fair Value Mortgage loans held for investment, at fair value, consisted of the following for the dates indicated (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Mortgage loans held for investment—UPB: Reverse mortgage loans $ 879,794 $ 589,429 Commercial mortgage loans 202,195 69,127 Fair value adjustments 143,101 72,265 Total mortgage loans held for investment, at fair value $ 1,225,090 $ 730,821 |
Mortgage Loans Held for Sale, a
Mortgage Loans Held for Sale, at Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Mortgage Loans Held for Sale At Fair Value [Abstract] | |
Mortgage Loans Held for Sale, at Fair Value | 10. 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): June 30, 2021 December 31, 2020 Successor Predecessor Mortgage loans held for sale—UPB: Residential mortgage loans $ 1,858,087 $ 2,000,795 Commercial mortgage loans 144,789 140,693 Fair value adjustments 54,666 81,323 Total mortgage loans held for sale, at fair value $ 2,057,542 $ 2,222,811 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 June 30, 2021 December 31, 2020 Successor Predecessor Loans 90 days or more past due and on non-accrual Mortgage loans held for sale: Fair value: Residential mortgage loans $ 11,453 $ 10,628 Commercial mortgage loans 3,203 5,051 Total fair value 14,656 15,679 Aggregate UPB: Residential mortgage loans 12,594 13,236 Commercial mortgage loans 3,360 5,317 Total aggregate UPB 15,954 18,553 Difference $ (1,298 ) $ (2,874 ) The Company originates or purchases and sells mortgage loans in the secondary mortgage market without recourse for credit losses. However, the Company at times maintains continuing involvement with the loans in the form of servicing arrangements and the liability under representations and warranties it makes to purchasers and insurers of the loans. 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): April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Cash flows: Sales proceeds $ 5,181,557 $ 6,387,933 $ 2,631,554 $ 2,868,960 Fair value of retained beneficial interest (1) 49,308 66,400 43,500 44,855 Gross servicing fees received 14,278 13,877 1,544 1,824 Repurchases (6,818 ) (4,144 ) (3,380 ) (8,547 ) Gain 197,129 284,948 282,424 291,671 (1) Fair value of retained beneficial interest includes retained servicing rights and other beneficial interests retained as of the statement of financial condition date. |
Mortgage Servicing Rights, at F
Mortgage Servicing Rights, at Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights, at Fair Value | 11. Mortgage Servicing Rights, at Fair Value The servicing portfolio associated with capitalized servicing rights consists of the following (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Fannie Mae/Freddie Mac $ 29,705,985 $ 20,501,504 Ginnie Mae 553,800 1,727,831 Private investors 332,402 40,027 Total UPB $ 30,592,187 $ 22,269,362 Weighted average interest rate 3.0 % 3.1 % The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands): April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Beginning UPB $ 26,675,358 $ 22,269,362 $ 402,852 $ 288,057 Originated MSR 5,139,859 6,312,227 6,849,850 6,986,237 Purchased MSR 5,537 866,806 — — Payoffs, sales and curtailments (1,228,567 ) (2,773,037 ) (40,859 ) (62,451 ) Ending UPB $ 30,592,187 $ 26,675,358 $ 7,211,843 $ 7,211,843 The activity in the mortgage servicing rights asset consisted of the following (in thousands): April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Beginning balance $ 267,364 $ 180,684 3,119 $ 2,600 Originations 50,049 65,964 43,561 44,855 Purchases 61 9,014 — — Sales — (8,647 ) — — Changes in fair value due to: Changes in market inputs or assumptions used in valuation model (16,051 ) 35,109 (2,749 ) (3,424 ) Changes in fair value due to portfolio runoff and other (10,485 ) (14,760 ) (1,247 ) (1,347 ) Ending balance $ 290,938 $ 267,364 $ 42,684 $ 42,684 The value of MSRs is driven by the net cash flows associated with servicing activities. The cash flows include contractually specified servicing fees, late fees, and other ancillary servicing revenue. The fees were $13.7 million for the Successor period from April 1, 2021 to June 30, 2021 and $13.0 million for the Predecessor period of January 1, 2021 to March 31, 2021. Fees for the Predecessor were $1.7 million and $1.8 million for the three months ended and six months ended June 30, 2020, respectively. These fees and changes in fair value of the MSRs are recorded within fee income on the Consolidated Statements of Operations. The following table provides a summary of the loan servicing portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio: June 30, 2021 December 31, 2020 Successor Predecessor Number of Unpaid Number of Unpaid Portfolio delinquency 30 days 0.4 % 0.4 % 0.5 % 0.5 % 60 days 0.0 % 0.0 % 0.1 % 0.1 % 90 or more days 0.1 % 0.1 % 0.2 % 0.1 % Total 0.5 % 0.5 % 0.8 % 0.7 % Foreclosure/real estate owned 0.0 % 0.0 % 0.0 % 0.0 % |
Derivative and Risk Management
Derivative and Risk Management Activities | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Risk Management Activities | 12. Derivative and Risk Management Activities The Company’s principal market exposure is to interest rate risk, specifically long-term U.S. Treasury and mortgage interest rates, due to their impact on mortgage-related assets and commitments. The Company is also subject to changes in short-term interest rates, such as LIBOR, due to their impact on certain variable rate asset-backed debt such as warehouse lines of credit. Various financial instruments are used to manage and reduce this risk, including forward delivery commitments on mortgage-backed securities or whole loans and interest rate swaps. The Company did not have any derivative instruments designated as hedging instruments or subject to master netting and collateral agreements as of June 30, 2021 (Successor) and December 31, 2020 (Predecessor), for the Successor period from April 1, 2021 to June 30, 2021 and the Predecessor period from January 1, 2021 to March 31, 2021. The Company also had no derivative instruments designated as hedging instruments or subject to master netting and collateral agreements for the Predecessor period for the three months ended and six months ended June 30, 2020. The following tables summarize the amounts recorded in derivative assets and payables and other liabilities, related to derivative liabilities, in the Consolidated Statements of Financial Condition for the periods indicated (in thousands): June 30, 2021 Successor Derivative assets Derivative liabilities Fair Notional Unrealized Fair Notional Unrealized Interest rate lock commitments $ 34,647 $ 2,539,030 $ (52,929 ) $ — $ — $ — Forward commitments, TBAs securities, and treasury futures 1,187 895,807 (619 ) 1,176 954,493 156 Interest rate swaps and futures contracts 24,981 4,616,698 22,298 13,789 1,082,600 (13,034 ) Forward MBS 996 802,500 996 4,364 1,988,500 14,271 Net fair value of derivative financial instruments $ 61,811 $ 8,854,035 $ (30,254 ) $ 19,329 $ 4,025,593 $ 1,393 December 31, 2020 Predecessor Derivative assets Derivative liabilities Fair Notional Unrealized Fair Notional Unrealized Interest rate lock commitments $ 87,576 $ 2,897,479 $ 73,568 $ — $ 13,822 $ 68 Forward commitments, TBAs securities, and treasury futures 1,806 399,612 968 1,332 389,422 (1,248 ) Interest rate swaps and futures contracts 2,683 1,386,400 2,324 755 744,500 (617 ) Forward MBS — — (348 ) 18,635 3,187,000 (16,587 ) Net fair value of derivative financial instruments $ 92,065 $ 4,683,491 $ 76,512 $ 20,722 $ 4,334,744 $ (18,384 ) The Company is exposed to risk in the event of non-performance |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 13. Goodwill Goodwill consisted of the following (in thousands): April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Beginning balance $ — $ 121,233 $ 121,137 $ 121,137 Additions from acquisitions 1,298,324 7,517 617 617 Ending balance $ 1,298,324 $ 128,750 $ 121,754 $ 121,754 For the Successor period, the goodwill beginning balance was established as a result of the Business Combination and changes during the period are attributable to additional acquisitions. Refer to Note 4—Acquisitions for additional details regarding these acquisitions. The Company did not identify any impairment for the Successor period from April 1, 2021 to June 30, 2021, the Predecessor period of January 1, 2021 to March 31, 2021 nor the Predecessor periods for the three months ended and six months ended June 30, 2020. Goodwill is reviewed for impairment utilizing a qualitative assessment or a quantitative goodwill impairment test and determined that it was more likely than not that no impairment of goodwill existed as of the evaluation date. The amount of goodwill allocated to each reporting unit consisted of the following (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Reporting units: Mortgage Originations $ 711,306 $ 44,429 Reverse Originations 404,441 — Commercial Originations 75,350 43,113 Lender Services 100,128 25,247 Portfolio Management 7,099 8,444 Total goodwill $ 1,298,324 $ 121,233 |
Intangible Assets, Net
Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets, Net | 14. Intangible Assets, Net Intangible assets, net, consisted of the following (in thousands): June 30, 2021 Amortization Cost Accumulated Net Successor: Non-amortizing Trade name N/A $ 178,000 $ — $ 178,000 Total non-amortizing $ 178,000 $ — $ 178,000 Amortizing Intangibles Broker/customer relationships 8 - 15 $ 530,900 $ (13,237 ) $ 517,663 Trade names 10 8,800 (220 ) 8,580 Total amortizing intangibles $ 539,700 $ (13,457 ) $ 526,243 Total intangibles $ 717,700 $ (13,457 ) $ 704,243 December 31, 2020 Amortization Cost Accumulated Net Predecessor: Non-amortizing Domain name N/A $ 5,422 $ — $ 5,422 Total non-amortizing $ 5,422 $ — $ 5,422 Amortizing Intangibles Customer list 5 - 12 $ 12,754 $ (5,100 ) $ 7,654 Broker relationships 10 7,627 (5,429 ) 2,198 Trade names 5 - 20 2,495 (1,487 ) 1,008 Technology assets 5 805 (156 ) 649 Total amortizing intangibles $ 23,681 $ (12,172 ) $ 11,509 Total intangibles $ 29,103 $ (12,172 ) $ 16,931 Amortization expense was $13.5 million for the Successor period from April 1, 2021 to June 30, 2021 and $0.6 million for the Predecessor period from January 1, 2021 to March 31, 2021. Amortization expense for the Predecessor was $0.6 million and $1.3 million for the three months ended and six months ended June 30, 2020, respectively. The estimated amortization expense for each of the five succeeding fiscal years and thereafter as of June 30, 2021 (Successor) is as follows (in thousands): Year Ending December 31, Amount 2021 $ 26,914 2022 53,828 2023 53,828 2024 53,828 2025 53,828 Thereafter 284,017 Total future amortization expense $ 526,243 |
Other Assets, Net
Other Assets, Net | 6 Months Ended |
Jun. 30, 2021 | |
Other Assets [Abstract] | |
Other Assets, Net | 15. Other Assets, Net Other assets, net, consisted of the following (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Right-of-use $ 62,835 $ 46,609 Government guaranteed receivables 48,087 46,481 Receivables, net of allowance of $1,452 and $788, respectively 48,666 67,011 Loan subject to repurchase from GNMA 30,027 42,148 Prepaid expenses 26,070 17,536 Retained bonds 15,671 — Investments, at fair value 6,554 18,934 Servicer advances, net of allowance of $2,002 and $1,661, respectively 6,318 5,795 Deposits 2,438 14,188 Receivable from clearing organization 2,041 2,043 Other 51,546 39,887 Total other assets, net $ 300,253 $ 300,632 As of June 30, 2021 (Successor) and December 31, 2020 (Predecessor), there were $368.6 million and $380.3 million, respectively, of foreclosure proceedings in process, which are included in mortgage loans held for investment, at fair value, on the Consolidated Statements of Financial Condition. |
HMBS Related Obligations, at Fa
HMBS Related Obligations, at Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Home Equity Conversion Mortgage Backed Security Related Obligations At Fair Value [Abstract] | |
HMBS Related Obligations, at Fair Value | 16. HMBS Related Obligations, at Fair Value HMBS related obligations represent the issuance of pools of HMBS, which are guaranteed by GNMA, to third-party security holders. The Company accounts for the transfers of these advances in the related HECM loans as secured borrowings, retaining the initial HECM loans in its Consolidated Statements of Financial Condition as reverse mortgage loans held for investment, subject to HMBS related obligations, and recording the pooled HMBS as HMBS related obligations. Monthly cash flows generated from the HECM loans are used to service the outstanding HMBS. HMBS related obligations, at fair value, consisted of the following (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor GNMA loan pools—UPB $ 9,406,924 $ 9,045,104 Fair value adjustments 761,300 743,564 Total HMBS related obligations, at fair value $ 10,168,224 $ 9,788,668 Weighted average remaining life 4.4 4.5 Weighted average interest rate 2.6 % 3.0 % The Company was servicing 1,765 and 1,693 GNMA loan pools at June 30, 2021 (Successor) and December 31, 2020 (Predecessor), respectively. |
Nonrecousre Debt, at Fair Value
Nonrecousre Debt, at Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Debt Instruments [Abstract] | |
Nonrecourse Debt, at Fair Value | 17. Nonrecourse Debt, at Fair Value Nonrecourse debt, at fair value, consisted of the following (in thousands): Issue Date Class of Note Final Interest Rate Original June 30, December 31, Successor Predecessor Securitization of nonperforming HECM loans: 2021 FASST HB1 February 2021 A, M1, M2, M3, M4, M5 February 2031 0.9%—9.0% $ 571,448 $ 537,299 $ — 2020 FASST HB2 July 2020 A, M1, M2, M3, M4, M5 July 2030 1.71%—7.75% 594,171 446,413 476,147 2020 FASST HB1 February 2020 A, M1, M2, M3, M4, M5 February 2030 2.0%—6.0% 373,912 — 298,883 Securitization of non-agency 2021 FASST JR 1 April 2021 A1, A2 April 2026 1.5%—2.0% 562,512 512,794 — 2019 FASST JR2 June 2019 A, A2 June 2069 2.0% 499,000 406,709 440,141 2018 FASST JR1 May 2018 A May 2068 4.3% 559,197 386,548 428,671 2019 FASST JR3 September 2019 A September 2069 2.0% 450,104 359,772 404,057 2020 FASST JR3 August 2020 A, A2 August 2025 2.0%—3.0% 360,713 315,570 337,099 2019 FASST JR4 November 2019 A November 2069 2.0% 365,685 305,097 335,945 2019 FASST JR1 March 2019 A March 2069 2.0% 347,000 288,654 309,840 2020 FASST S3 December 2020 A1, A2 December 2025 1.5%—2.5% 313,357 288,383 297,871 2020 FASST S2 June 2020 A1, A2 March 2025 2.0% 320,460 286,734 299,401 2020 FASST JR2 May 2020 A1A, A1B, A2 May 2023 0.0%—2.0% 305,658 277,694 291,827 2018 FASST JR2 December 2018 A December 2068 4.5% 280,400 229,872 253,325 2020 FASST JR4 October 2020 A, A2 August 2025 2.0%—3.0% 241,664 197,970 217,385 2020 FASST S1 March 2020 A1, A2 March 2025 2.0%—3.7% 199,000 168,761 181,059 2020 FASST JR1 April 2020 A, A2 April 2023 2.0% 254,805 — 240,563 Issue Date Class of Note Final Interest Rate Original June 30, December 31, Successor Predecessor Securitization of Fix & Flip loans: 2021 RTL1 ANTLR April 2021 A1, A2, M November 2024 (A1); January 2025 (A2); May 2025 (M) 2.1%—5.4% 268,511 268,511 — 2020 RTL1 ANTLR May 2020 A1, A2 May 2022 (A1, A2) 6.9%—8.0% 306,517 — 140,072 2018 RTL1 ANTLR September 2018 A1, A2, A-VFN, July 2022 (A1, A2); March 2023 (M) 4.3%—7.4% 210,296 — 80,949 2019 RTL1 ANTLR March 2019 A1, A2, A-VFN, M June 2022 (A1, A2); January 2023 (M) 4.5%—6.9% 217,100 — 121,772 Total nonrecourse debt 5,276,781 5,155,007 Nonrecourse MSR financing liability, at fair value 65,129 14,088 Fair value adjustments 83,822 102,747 Total nonrecourse debt, at fair value $ 5,425,732 $ 5,271,842 Nonrecourse MSR Financing Liability, at Fair Value The Company has agreements with third parties to sell beneficial interests in the servicing fees generated from certain of its originated or acquired mortgage servicing rights. Under these agreements, the Company has agreed to sell to the third parties the right to receive all excess servicing and ancillary fees related to the identified MSRs in exchange for an upfront payment equal to the entire purchase price of the identified mortgage servicing rights. These transactions are accounted for as financings under ASC 470 , Debt The Company elected to measure the outstanding financings related to the nonrecourse MSR financing liability, at fair value, as permitted under ASC 825 , Financial Instruments |
Other Financing Lines of Credit
Other Financing Lines of Credit | 6 Months Ended |
Jun. 30, 2021 | |
Line of Credit Facility [Abstract] | |
Other Financing Lines of Credit | 18. Other Financing Lines of Credit The following summarizes the components of other financing lines of credit (dollars in thousands): Outstanding Borrowings at June 30, December 31, Facility Maturity Date Interest Rate Collateral Total (1) Successor Predecessor Mortgage Lines: March 2022 $300M Facility March 2022 LIBOR + applicable margin First Lien Mortgages $ 300,000 $ 192,417 $ 182,015 March 2022 $200M Facility March 2022 LIBOR + applicable margin N/A 200,000 189,464 302,877 May 2022 $200M Facility May 2022 LIBOR + applicable margin First Lien Mortgages 200,000 189,050 109,463 February 2022 $300M Facility February 2022 LIBOR + applicable margin First Lien Mortgages 300,000 186,754 — July 2021 $200M Facility (2) July 2021 LIBOR + applicable margin First Lien Mortgages 200,000 167,207 122,075 October 2021 $200M Facility October 2021 LIBOR + applicable margin First Lien Mortgages 200,000 166,564 158,114 March 2022 $225M Facility March 2022 LIBOR + applicable margin First Lien Mortgages 225,000 163,678 154,097 March 2022 $200M Facility March 2022 LIBOR + applicable margin First Lien Mortgages 200,000 155,468 97,225 March 2026 $150M Facility - MSR March 2026 LIBOR + applicable margin MSRs 150,000 125,113 — April 2022 $250M Facility April 2022 LIBOR + applicable margin First Lien Mortgages 250,000 122,412 225,837 May 2022 $350M Facility May 2022 LIBOR + applicable margin First Lien Mortgages 350,000 102,332 283,821 October 2021 $250M Facility October 2021 LIBOR + applicable margin First Lien Mortgages 250,000 65,541 170,174 August 2021 $200M Facility August 2021 LIBOR + applicable margin First Lien Mortgages 200,000 59,663 126,047 August 2021 $300M Facility (2) August 2021 LIBOR + applicable margin First Lien Mortgages 300,000 40,562 15,719 Securities Repo Line N/A LIBOR + applicable margin Mortgage 13,951 13,951 — February 2021 $50M Facility - MSR (3) February 2021 Prime + 5.00% floor MSRs 50,000 — 50,000 June 2023 $300M Facility June 2023 LIBOR + applicable margin First Lien Mortgages 300,000 — — Subtotal mortgage lines of credit $ 3,688,951 $ 1,940,176 $ 1,997,464 Reverse Lines: October 2021 $400M Facility October 2021 LIBOR + applicable margin First Lien Mortgages $ 400,000 $ 257,257 $ 84,124 April 2022 $250M Facility April 2022 LIBOR + applicable margin First Lien Mortgages 250,000 214,245 173,484 $200M Repo Facility N/A Bond accrual rate Mortgage 200,000 176,549 174,578 February 2024 $90M Facility February 2024 LIBOR + applicable margin MSRs 90,000 89,497 — December 2021 $100M Facility December 2021 LIBOR + applicable margin First Lien Mortgages 100,000 89,226 61,220 March 2022 $100M Facility March 2022 LIBOR + applicable margin First Lien Mortgages 100,000 87,936 15,803 Outstanding Borrowings at June 30, December 31, Facility Maturity Date Interest Rate Collateral Total (1) Successor Predecessor June 2022 $75M Facility June 2022 LIBOR + applicable margin First Lien Mortgages 75,000 72,479 11,423 April 2022 $52.5M Facility April 2022 LIBOR + applicable margin Mortgage 52,500 52,500 50,239 April 2022 $50M Facility April 2022 Prime + Unsecuritized Tails 50,000 38,757 37,442 April 2022 $45M Facility April 2022 9.00% Mortgage 45,000 28,220 26,875 June 2022 $200M Facility (2) June 2022 LIBOR + applicable margin First Lien Mortgages 200,000 26,883 128,723 August 2021 $50M Facility August 2021 LIBOR + applicable margin First Lien Mortgages 50,000 24,329 2,860 $1.2M Repo Facility N/A LIBOR + applicable margin Mortgage 1,215 1,215 1,188 Subtotal reverse lines of credit $ 1,613,715 $ 1,159,093 $ 767,959 Commercial Lines: September 2022 $150M Facility September 2022 LIBOR + applicable margin Encumbered $ 150,000 $ 112,229 $ 52,300 April 2023 $145M Facility April 2023 LIBOR + applicable margin First Lien Mortgages 145,000 86,055 100,070 February 2022 $150M Facility February 2022 LIBOR + applicable margin First Lien Mortgages 150,000 33,768 — November 2023 $65M Facility November 2023 LIBOR + applicable margin First Lien Mortgages 65,000 30,528 28,064 August 2022 $75M August 2022 2.50% - 3.25% Encumbered 75,000 24,746 — August 202 2 August 2022 10.00% Second Lien Mortgages 25,000 20,900 21,475 $4M Securities Repo Line N/A LIBOR + applicable margin Mortgage 4,024 4,024 — February 2022 $150M Facility February 2022 LIBOR + applicable margin First Lien Mortgages 150,000 715 — $2M Securities Repo Line N/A Distributed Bond Interest + 50 bps Mortgage — — 6,411 Subtotal commercial lines of credit $ 764,024 $ 312,965 $ 208,320 Total other financing lines of credit $ 6,066,690 $ 3,412,234 $ 2,973,743 (1) Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements. Capacity amounts presented are as of June 30, 2021. (2) See Note 36 - Subsequent Events for additional information on facility amendments. (3) The February 2021 $50M facility - MSR was paid off and terminated in February 2021. As of June 30, 2021 (Successor) and December 31, 2020 (Predecessor), the weighted average outstanding interest rates on outstanding debt of the Company were 2.57% and 3.15%, respectively. The Company’s borrowing arrangements and credit facilities contain various financial covenants which primarily relate to required tangible net worth amounts, liquidity reserves, leverage requirements, and profitability requirements. As a result of market disruptions and fair value accounting adjustments taken in March 2020 resulting from the COVID-19 As a result of impacts from the Business Combination, FAM was not in compliance with the lender adjusted tangible net worth quarterly and two-consecutive The terms of the Company’s financing arrangements and credit facilities contain covenants, and the terms of the Company’s GSE/seller servicer contracts contain requirements that may restrict the Company and its subsidiaries from paying distributions to its members. These restrictions include restrictions on paying distributions, whenever the payment of such distributions would cause FoA to no longer be in compliance with any of its financial covenants or GSE requirements. Further, the Company is generally prohibited under Delaware law from making a distribution to a member to the extent that, at the time of the distribution, after giving effect to the distribution, liabilities of the Company (with certain exceptions) exceed the fair value of its assets. Subsidiaries of the Company are generally subject to similar legal limitations on their ability to make distributions to FoA. As of June 30, 2021 (Successor), the maximum allowable distributions available to the Company based on the most restrictive of such financial covenant ratios is presented in the table below (in thousands, except for ratios): Successor Financial Covenants Requirement June 30, 2021 Maximum Allowable (1) FAM Adjusted Tangible Net Worth $ 150,000 $ 191,383 $ 41,383 Liquidity 40,000 60,697 20,697 Leverage Ratio 15:1 13.3:1 21,591 Material Decline in Lender Adjusted Net Worth: Lender Adjusted Tangible Net Worth (Quarterly requirement) $ 294,790 $ 191,383 $ (103,406 ) Lender Adjusted Tangible Net Worth (Two-Consecutive 215,803 191,383 (24,419 ) FACo Adjusted Tangible Net Worth $ 85,000 $ 93,411 $ 8,411 Liquidity 20,000 28,579 8,579 Leverage Ratio 6:1 3.6:1 37,192 FAR Adjusted Tangible Net Worth $ 398,288 $ 449,271 $ 50,983 Liquidity 20,000 25,120 5,120 Leverage Ratio 6:1 3.6:1 180,788 Material Decline in Lender Adjusted Net Worth: Lender Adjusted Tangible Net Worth (Quarterly requirement) $ 302,921 $ 448,047 $ 145,126 Lender Adjusted Tangible Net Worth (Two-Consecutive 354,344 448,047 93,703 As of December 31, 2020 (Predecessor), the maximum allowable distributions available to the Company based on the most restrictive of such financial covenant ratios is presented in the table below (in thousands, except for ratios): Predecessor Financial Covenants Requirement December 31, 2020 Maximum Allowable (1) FAM Adjusted Tangible Net Worth $ 125,000 $ 289,163 $ 164,163 Liquidity 40,000 56,775 16,775 Leverage Ratio 15:1 9.3:1 110,267 Material Decline in Lender Adjusted Net Worth: Lender Adjusted Tangible Net Worth (Quarterly requirement) $ 210,428 $ 282,062 $ 71,634 Lender Adjusted Tangible Net Worth (Two-Consecutive 93,763 282,062 188,299 FACo Adjusted Tangible Net Worth $ 85,000 $ 126,672 $ 41,672 Liquidity 20,000 46,385 26,385 Leverage Ratio 6:1 1.7:1 90,782 FAR Adjusted Tangible Net Worth $ 300,000 $ 474,128 $ 174,128 Liquidity 20,000 36,425 16,425 Leverage Ratio 5.5:1 2.5:1 258,615 Material Decline in Lender Adjusted Net Worth: Lender Adjusted Tangible Net Worth (Quarterly requirement) $ 314,091 $ 472,458 $ 158,367 Lender Adjusted Tangible Net Worth (Two-Consecutive 205,619 472,458 266,839 (1) The Maximum Allowable Distribution for any of the originations subsidiaries is the lowest of the amounts shown for the particular originations subsidiary. |
Payables and Other Liabilities
Payables and Other Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Payables and Other Liabilities | 19. Payables and Other Liabilities Payables and other liabilities consisted of the following (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Accrued compensation expense $ 131,831 $ 150,214 Accrued liabilities 97,902 83,427 Lease liabilities 64,496 48,250 Deferred tax liability, net 28,455 — GNMA reverse mortgage buy-out 32,607 32,317 Liability for loans eligible for repurchase from GNMA 30,027 42,148 Derivative liabilities 19,329 20,722 Warrant liability 19,261 — Estimate of claim losses 11,839 8,609 Deferred purchase price liabilities 44,473 3,842 Repurchase reserves 8,515 10,529 Total payables and other liabilities $ 488,735 $ 400,058 Warrants Prior to the Business Combination, Replay issued 28,750,000 units, consisting of one ordinary share and one-half Each Warrant is now exercisable for a share of FoA Class A Common Stock. As of June 30, 2021 (Successor), there were Public Warrants outstanding. The W W • in whole and note in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; • if, and only if, the last reported closing price of the Class A Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading Each Warrant entitles the holder to purchase one ordinary share at a price of $11.50 per share, subject to adjustment for reorganization and/or extraordinary dividends event, as described in the warrant agreement. If the Company calls the Warrants for redemption, management will have the option to require all holders that wish to exercise the warrants to do so on a “cashless basis,” as described in the warrant agreement. The Company has determined that the Warrants are subject to treatment as a liability. As of the Closing of the Business Combination on April 1, 2021 and as of June 30, 2021 (Successor), the Warrants had a fair value of $18.0 million and $19.3 million, respectively. These liability-classified Public Warrants are out of the money and thus have no impact on diluted EPS. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Lessee Disclosure [Abstract] | |
Leases | 20. Leases The Company’s lease portfolio is comprised primarily of real estate and equipment agreements. Operating leases in which the Company is the lessee are recorded as operating lease ROU assets and operating lease liabilities, included in other assets, net, and payables and other liabilities, respectively, on the Consolidated Statements of Financial Condition, as of June 30, 2021 (Successor) and December 31, 2020 (Predecessor). The Company does not currently have any finance leases in which it is the lessee. Operating lease ROU assets represent the Company’s right to use an underlying asset during the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. For operating leases, the lease liabilities are initially recognized based on the present value of the remaining lease payments using a discount rate that represents the Company’s incremental borrowing rate at the lease commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. This incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment and given similar credit risk. The lease term for all of the Company’s leases includes the noncancellable period of the lease plus any additional periods covered by either a Company option to extend (or not to terminate) the lease. The Company includes these options in the lease term when it is reasonably certain of exercising them. ROU assets are further adjusted for lease incentives. Operating lease expense is recognized on a straight-line basis over the lease term and is recorded in general and administrative expenses in the Consolidated Statements of Operations. The Company recognizes variable lease payments associated with the Company’s leases when the variability is resolved. Variable lease payments are recorded in general and administrative expenses in the Consolidated Statements of Operations along with expenses arising from fixed lease payments. The table below summarizes the Company’s operating lease portfolio (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Right-of-use $ 62,835 $ 46,609 Lease liabilities $ 64,496 $ 48,250 Weighted-average remaining lease term (in years) 6.61 3.61 Weighted-average discount rate 7.08 % 7.42 % The table below summarizes the Company’s net operating lease cost: April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Operating lease cost $ 5,591 $ 5,490 $ 7,046 $ 13,658 Short-term lease cost 888 1,035 (593 ) 1,438 Total operating and short term lease cost 6,479 6,525 6,453 15,096 Variable lease cost 1,997 1,808 718 1,422 Sublease income (516 ) (464 ) (574 ) (1,270 ) Net lease cost $ 7,960 $ 7,869 $ 6,597 $ 15,248 The table below summarizes other information related to the Company’s operating leases: April 1, 2021 January 1, 2021 March 31, 2021 For the three For the Successor Predecessor Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,291 $ 5,423 $ 6,255 $ 12,540 Leased assets obtained in exchange for new operating lease liabilities 22,752 701 1,134 4,598 The following table presents a maturity analysis of operating leases and a reconciliation of the undiscounted cash flows to lease liabilities as of June 30, 2021 (Successor): 2021 $ 10,083 2022 16,846 2023 13,104 2024 9,025 2025 6,045 2026 3,585 Thereafter 24,742 Total undiscounted lease payments 83,430 Less: amounts representing interest (18,934 ) Total lease liabilities $ 64,496 |
Notes Payable, Net
Notes Payable, Net | 6 Months Ended |
Jun. 30, 2021 | |
Notes Payable [Abstract] | |
Notes Payable, Net | 21. Notes Payable, Net Senior Unsecured Notes In November 2020, FOAF issued $350.0 million aggregate principal amount of senior unsecured notes (the “Notes”). Interest is payable semi-annually in arrears on May 15 and November 15 beginning on May 15, 2021. The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by FoA Equity and each of FoA Equity’s material existing and future wholly-owned domestic subsidiaries, excluding certain subsidiaries who are not able to guarantee due to tax, contractual or regulatory reasons. At any time prior to November 15, 2022, FOAF may redeem some or all of the Notes at a redemption price equal to 100% of the principal amount thereof, plus the applicable premium as of the redemption date under the terms of the indenture and accrued and unpaid interest. The redemption price during each of the twelve-month periods following November 15, 2022, November 15, 2023 and at any time after November 15, 2024 is 103.938%, 101.969% and 100.000%, respectively, of the principal amount plus accrued and unpaid interest thereon. At any time prior to November 15, 2022, FOAF may also redeem up to 40% of the aggregate principal amount of the notes at a redemption price equal to 107.875% of the aggregate principal amount of the senior unsecured notes redeemed, with an amount equal to or less than the net cash proceeds from certain equity offerings, plus accrued and unpaid interest. Upon the occurrence of a change of control, the holders of the Notes will have the right to require FOAF to make an offer to repurchase each holder’s Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest. The Notes contain covenants limiting, among other things, FOAF and its restricted subsidiaries’ ability to incur additional debt or issue certain preferred shares, incur liens, make certain distributions, investments and other restricted payments, engage in certain transactions with affiliates, and merge or consolidate or sell, transfer, lease or otherwise dispose of all or substantially all of FOAF’s assets. These incurrence based covenants are subject to exceptions and qualifications. Many of these covenants will cease to apply during any time that the Notes have investment grade ratings and no default has occurred and continuing. The Company was in compliance with all required covenants related to the Notes as of June 30, 2021 (Successor). Financing Agreements As a part of the Company’s acquisitions of certain subsidiaries, the Company entered into various note agreements with the sellers. In addition, in 2017, the Company entered into an agreement for the purchase of computer hardware and equipment which was financed by notes payable to the seller with monthly payments through January 2021. A summary of the outstanding notes payable, net, is presented in the table below (in thousands): Description Maturity Date Interest June 30, December 31, Successor Predecessor Senior Unsecured Notes November 2025 7.9 % $ 350,000 $ 350,000 Financing Agreement January 2021 5.5 % — 9 Total aggregate principle amount 350,000 350,009 Fair value adjustment, net of amortization (1) 3,718 — Less: Debt issuance costs — (13,436 ) Total notes payable, net $ 353,718 $ 336,573 (1) In conjunction with the Business Combination discussed in Note 4, the Company was required to adjust the liabilities assumed to fair value, resulting in a premium on the Notes and the elimination of the previously recognized debt issuance costs. Interest expense was $7.5 million for the Successor period from April 1, 2021 to June 30, 2021 and $7.7 million for the Predecessor period from January 1, 2021 to March 31, 2021. Interest expense for the Predecessor was $0.2 million and $0.6 million for the three months ended and six months ended June 30, 2020, respectively. |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2021 | |
Litigation [Abstract] | |
Litigation | 22. Litigation The Company’s business is subject to legal proceedings, examinations, investigations and reviews by various federal, state and local regulatory and enforcement agencies as well as private litigants such as the Company’s borrowers or former employees. At any point in time, the Company may have open investigations with regulators or enforcement agencies, including examinations and inquiries related to its loan servicing and origination practices. These matters and other pending or potential future investigations, examinations, inquiries or lawsuits may lead to administrative or legal proceedings, and possibly result in remedies, including fines, penalties, restitution, or alterations in business practices, and in additional expenses and collateral costs. As a litigation or regulatory matter develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. If, at the time of evaluation, the loss contingency is not both probable and reasonably estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and reasonably estimable. Once the matter is deemed to be both probable and reasonably estimable, the Company will establish an accrued liability and record a corresponding amount to litigation related expense. The Company will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. For certain matters, the Company may consider a loss to be probable but cannot calculate a precise estimate of losses. For these matters, the Company may be able to estimate a range of possible loss. In determining whether it is possible to provide an estimate of loss or range of possible loss, the Company reviews and evaluates its material litigation and regulatory matters on an ongoing basis, in conjunction with any outside counsel handling the matter. As of June 30, 2021 (Successor), there were no matters that the Company considered to be both probable or reasonably possible for which they could estimate losses or a reasonable range of estimated losses. The Company is a defendant in four representative lawsuits alleging violations of the California Labor Code and brought pursuant to the California Private Attorneys General Act (“PAGA”). The cases have been coordinated and currently are in discovery. Due to the unpredictable nature of litigation generally and the wide discretion afforded the Court in awarding civil penalties in PAGA actions, the outcome of these matters cannot presently be determined. Although the actions are being vigorously defended, the Company could, in the future, incur judgments or enter into settlements of claims that could have a negative effect on its results of operations in any particular period. Legal expenses, which includes, among other things, settlements and the fees paid to external legal service providers, were $3.6 million for the Successor period from April 1, 2021 to June 30, 2021 and $4.2 million for the Predecessor period from January 1, 2021 to March 31, 2021. Legal expenses for the Predecessor were $4.0 million and $7.5 million for the three months ended and six months ended June 30, 2020, respectively. These expenses are included in general and administrative expenses in the Consolidated Statements of Operations. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 23. Commitments and Contingencies Servicing of Mortgage Loans The Company has contracted with third-party providers to perform specified servicing functions on its behalf. These services include maintaining borrower contact, facilitating borrower advances, generating borrower statements, and facilitating loss-mitigation strategies in an attempt to keep defaulted borrowers in their homes. For reverse mortgages, defaults on loans leading to foreclosures may occur if borrowers fail to meet maintenance obligations, such as payment of taxes or home insurance premiums. When a default cannot be cured, the sub-servicers sub-servicers Additionally, the sub-servicers sub-servicers Contractual sub-servicing sub-servicer Unfunded Commitments The Company is required to fund further borrower advances (where the borrower has not fully drawn down the HECM, HomeSafe Flex and Select, or fix & flip loan proceeds available to them), and to additionally fund the payment of the borrower’s obligation to pay the FHA their monthly insurance premium. The outstanding unfunded commitments available to borrowers related to HECM loans were approximately $2.4 billion as of June 30, 2021 (Successor), compared to $2.1 million as of December 31, 2020 (Predecessor). The outstanding unfunded commitments available to borrowers related to fix & flip loans were approximately $10.7 million and $18.8 million, respectively, as of June 30, 2021 (Successor) and December 31, 2020 (Predecessor). This additional borrowing capacity is primarily in the form of undrawn lines of credit. The Company also has commitments to purchase and sell loans totaling $12.3 million and $163.9 million, respectively, at June 30, 2021 (Successor), compared to $10.2 million and $54.3 million, respectively, at December 31, 2020 (Predecessor). Mandatory Repurchase Obligation The Company is required to repurchase reverse loans out of the GNMA securitization pools once the outstanding principal balance of the related HECM is equal to or greater than 98% of the MCA. Performing repurchased loans are conveyed to HUD and nonperforming repurchased loans are generally liquidated in accordance with program requirements. Loans are considered nonperforming upon events such as, but not limited to, the death of the mortgagor, the mortgagor no longer occupying the property as their principal residence, or the property taxes or insurance are not being paid. As an issuer of HMBS, the Company also has the option to repurchase reverse loans out of the GNMA securitization pools without GNMA prior approval in certain instances. These situations include the borrower requesting an additional advance that causes the outstanding principal balance to be equal or greater than 98% of the MCA; the borrower’s loan becoming due and payable under certain circumstances; the borrower not occupying the home for greater than twelve consecutive months for physical or mental illness and the home is not the residence of another borrower; or the borrower failing to perform in accordance with the terms of the loan. For each HECM loan that the Company securitizes into Agency HMBS, the Company is required to covenant and warrant to GNMA, among other things, that the HECM loans related to each participation included in the Agency HMBS are eligible under the requirements of the National Housing Act and the GNMA Mortgage-backed Securities Guide, and that the Company will take all actions necessary to ensure the HECM loan’s continued eligibility. The GNMA HMBS program requires that the Company removes the participation related to any HECM loan that does not meet the requirements of the GNMA Mortgage-backed Securities Guide. In addition to securitizing HECM loans into Agency HMBS, the Company may sell HECM loans to third parties, and the agreements with such third parties include standard representations and warranties related to such loans, which if breached, may require the Company to repurchase the HECM loan and/or indemnify the purchaser for losses related to such HECM loans. In the case where the Company repurchases the loan, the Company bears any subsequent credit loss on the loan. To the extent that the Company is required to remove a loan from an Agency HMBS, purchase a loan from a third party or indemnify a third party, the potential losses suffered by the Company may be reduced by any recourse the Company has to the originating broker and/or correspondent lender, if applicable, to the extent such entity breached similar or other representations and warranties. Under most circumstances, the Company has the right to require the originating broker/correspondent to repurchase the related loan from the Company and/or indemnify the Company for losses incurred. The Company seeks to manage the risk of repurchase and associated credit exposure through the Company’s underwriting and quality assurance practices. |
Incentive Compensation
Incentive Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Incentive Compensation | 24. Incentive Compensation Equity-Based Compensation Pursuant to the terms of the A&R MLTIP, FoA has two major types of equity-based compensation granted to employees, henceforth referred to as Replacement Restricted Stock Units (“Replacement RSUs”) and Earnout Right Restricted Stock Units (“Earnout Right RSUs”). The issuance of the Replacement RSUs and Earnout Right RSUs to employees under the A&R MLTIP will be funded by the exchange of current Class A Common Stock and Class A LLC Units held by the unitholders of FoA Equity prior to the closing of the Business Combination. Therefore, the shares issued to employees under the A&R MLTIP will not result in incremental share ownership in the Company, and the total compensation costs associated with the vesting of the Replacement RSUs and Earnout Right RSUs will be directly allocated to the noncontrolling interest and, with respect to Blocker GP, to FoA in proportion to their sharing percentages of exchanged units. Replacement RSUs Pursuant to the terms of the A&R MLTIP executed on October 28, 2020, the Company granted each employee who held Phantom Units in FoA Equity and remained employed as of the Replacement RSU grant date, April 1, 2021, in consideration for the cancellation of a portion of their Phantom Units, Replacement RSUs that will vest into shares of Class A Common Stock. Following the terms of the A&R MLTIP, 25% of the Replacement RSUs will vest on the Replacement RSU grant date, and the remaining 75% will vest in equal installments on each of the first three anniversaries of the closing of the Business Combination, subject to each holder’s continued employment. Earnout Right RSUs In addition to the Replacement RSUs, participants in the A&R MLTIP are entitled to receive additional Earnout Right RSUs depending on whether the Company achieves certain market-based conditions. The market-based vesting conditions have been factored into the grant date fair value measurement of the Earnout Right RSUs using a Monte Carlo simulation. The assumptions used in the Monte Carlo simulation model included a volatility rate of 60%, risk free rate of 1.14% and a weighted average expected term of 1.06 years for the first tranche of Earnout Right RSUs and 1.52 years for the second tranche of Earnout Right RSUs. Earnout Right RSUs have the same service-based vesting conditions listed above for the Replacement RSUs along with market-based vesting conditions. The first tranche of Earnout Right RSUs vest upon satisfaction of the service-based vesting conditions and if, at any time during the six years following the Closing, the VWAP of FoA’s Class A Common Stock is greater than or equal to $12.50 for any twenty thirty twenty thirty The Replacement RSUs and the Earnout Right RSUs are classified as equity and FoA accounts for the RSUs following the fair value method. Both the Replacement RSUs’ and Earnout Right RSUs’ fair values are fixed on the grant date and not remeasured unless the award is subsequently modified. A summary of the Replacement RSU and Earnout Right RSU activity from grant until June 30, 2021 is presented below in thousands, except for share information: Grant Date Fair Value Replacement RSUs Number of Number of Total Weighted Total Fair Outstanding, April 1, 2021 — — — Granted 14,819,483 — 14,819,483 $ 9.48 $ 140,489 Vested (4,066,069 ) 4,066,069 — $ 9.48 $ 38,546 Outstanding, June 30, 2021 10,753,414 4,066,069 14,819,483 No Replacement RSUs are expected to vest from July 1, 2021 to December 31, 2021. Share Grant Date Fair Earnout Right RSUs Number of Number Total Weighted Total Outstanding, April 1, 2021 — — — Granted 1,550,880 — 1,550,880 $ 8.91 $ 13,811 Outstanding, June 30, 2021 1,550,880 — 1,550,880 No Earnout Right RSUs are expected to vest from July 1, 2021 to December 31, 2021. Share Long-Term Incentive Plan On January 1, 2015, the Company established a long-term incentive plan (the “Plan”) to compensate key employees. Any distributions are based on distributions received by equity holders of the Company in excess of the contributed equity capital, plus a designated return on contributed equity capital (the “Hurdle”). The phantom units are accounted for as a profit-sharing arrangement, as they do not represent a substantive form of equity and were not indexed to the price of UFG common units. In connection with the Closing of the Business Combination, which occurred on April 1, 2021, the holders of Phantom Units (1,077 units outstanding) received one-time The cash payment of $24.0 million relates to prior services provided solely for the benefit of the Company and not for ongoing services to be provided in the future that would benefit the post-combination entity. Given that the payment was triggered by the distributions made in connection with the successful closing of the Business Combination, the payment of $24.0 million is considered to have been incurred “on the line.” The balance of the Company’s obligation under the Plan was replaced by the issuance of equity-based compensation described above as governed by the Amended and Restated Management Long-Term Incentive Plan. |
Changes in Contingently Redeema
Changes in Contingently Redeemable Noncontrolling Interest | 6 Months Ended |
Jun. 30, 2021 | |
Changes In Contingently Redeemable Minority Interest [Abstract] | |
Changes in Contingently Redeemable Noncontrolling Interest | 25. Changes in Contingently Redeemable Noncontrolling Interest FoA Equity determined that the Class B interests of FACo Holdings issued to Buy to Rent Platform Holdings, L.P. (“B2R”) meet the definition of CRNCI. Under the FACo Holdings Agreement, the Class B Units may be redeemed upon sale of FACo by FACo Holdings, sale of FAH, or sale of UFG Holdings LLC, which would require FAH to purchase the outstanding Class B Units. FoA Equity determined that the legal provisions in the FACo Holdings Agreement in which there is a noncontrolling interest represent a substantive profit-sharing arrangement, where the allocation to the members differs from the stated ownership percentages. FoA Equity utilized the hypothetical liquidation at book value, or HLBV, method for the allocation of profits and losses each period. Under the HLBV method, the amount of income and loss attributed to the noncontrolling interests in the Consolidated Statements of Operations reflects changes in the amounts each member would hypothetically receive at each Consolidated Statement of Financial Condition date under the liquidation provisions of the FACo Holdings Agreement, assuming the net assets of the FACo Holdings were liquidated at their respective recorded amounts. Allocations of profits and losses in the Consolidated Statements of Operations is determined based on the hypothetical amounts that would be distributed to members after taking into account any capital transactions between FACo Holdings and its members as follows: • Distributions up to Hurdle Amount of $202.0 million (subject to certain adjustments defined in the FACo Holdings Agreement)—100% to Class B Members; • Distributions of the next $150.0 million—95% to Class A Members and 5% to Class B Members, and; • Thereafter—75% to Class A Members and 25% to Class B Members. In connection with the closing of the Business Combination disclosed in Note 4—Acquisitions, FoA caused Finance of America Holdings LLC to exercise its right under the FACo Holdings Agreement to purchase all of the outstanding Class B Units held by B2R for a redemption price of $203.2 million in satisfaction of the applicable Hurdle Amount under the FACo Holdings Agreement. The changes in CRNCI are as follows (in thousands): Predecessor: Balance at December 31, 2019 (audited) $ 187,981 Net loss (15,386 ) Balance at March 31, 2020 172,595 Net loss (2,620 ) Balance at June 30, 2020 $ 169,975 Balance at December 31, 2020 (audited) $ 166,231 Net income 4,260 Accretion to redemption price 32,725 Balance at March 31, 2021 203,216 Successor: Balance at April 1, 2021 $ 203,216 Settlement of CRNCI in connection with the Business Combination (203,216 ) Balance at June 30, 2021 $ — |
General and Administrative Expe
General and Administrative Expenses | 6 Months Ended |
Jun. 30, 2021 | |
General and Administrative Expense [Abstract] | |
General and Administrative Expenses | 26. General and Administrative Expenses General and administrative expenses consisted of the following (in thousands): April 1, 2021 June 30, 2021 January 1, 2021 March 31, 2021 For the For the six Successor Predecessor Title and closing $ 25,191 $ 25,061 $ 12,682 $ 28,677 Loan origination expenses 17,725 20,503 14,126 34,573 Depreciation and amortization 16,462 3,484 3,488 6,957 Loan portfolio expenses 15,433 15,200 9,426 18,603 Communications and data processing 12,568 11,324 8,025 14,327 Securitization expenses 10,831 6,944 8,349 8,349 Business development 9,647 10,607 9,321 17,590 Licensing and insurance 3,457 2,487 1,474 3,266 Fair value change in deferred purchase price liability 1,760 30 (62 ) — Other expenses 6,227 31,577 14,385 27,438 Total general and administrative expenses $ 119,301 $ 127,217 $ 81,214 $ 159,780 |
Business Segment Reporting
Business Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Reporting | 27. Business Segment Reporting The Company has identified six reportable segments: Mortgage Originations, Reverse Originations, Commercial Originations, Portfolio Management, Lender Services and Corporate/Other. Mortgage Originations The Mortgage Originations segment originates mortgage loans through FAM. This segment generates revenue through fee-based direct-to-consumer Reverse Originations The Reverse Originations segment originates or acquires reverse mortgage loans through FAR. This segment originates HECMs which are insured by the FHA, and non-agency Commercial Originations The Commercial Originations segment originates or acquires commercial mortgage loans through FACo. The segment provides business purpose lending solutions for residential real estate investors in two principal ways: short-term loans to provide rehab and construction of investment properties meant to be sold upon completion, and investor rental loans collateralized by either a single property or portfolio of properties. The segment originates commercial mortgage loans through the following channels: retail and third-party-originator. Commercial mortgage lending activities primarily consist of the origination and securitization of commercial mortgages to private investors. Portfolio Management The Portfolio Management segment provides product development, loan securitization, loan sales, risk management, asset management and servicing oversight services to the enterprise and third-party funds. Lender Services The Lender Services segment provides ancillary business services, title agency and title insurance services, MSR valuation and trade brokerage, and appraisal management services to customers in the residential mortgage, student lending, and commercial lending industries. The segment also operates a foreign branch in the Philippines for fulfillment transactional and administrative support. Corporate and Other Corporate and other consists of the Business Excellence Office (“BXO”) and other corporate services groups. The Company’s segments are based upon the Company’s organizational structure which focuses primarily on the services offered. Corporate functional expenses are allocated to individual segments based on actual cost of services performed based on a direct resource utilization, estimate of percentage use for shared services or headcount percentage for certain functions. Non-allocated The following tables are a presentation of financial information by segment for the periods indicated (in thousands): April 1, 2021 to June 30, 2021 Successor Mortgage Reverse Commercial Portfolio Lender Total Corporate Elim Total REVENUES Gain on sale of loans, net $ 185,386 $ — $ — $ 7,748 $ — $ 193,134 $ — $ (5,557 ) $ 187,577 Net fair value gains — 94,536 10,822 11,223 — 116,581 — 14,570 131,151 Fee income 30,345 954 12,124 3,577 81,130 128,130 — (37,266 ) 90,864 Net interest income (expense) 1,976 (9 ) — (15,851 ) (15 ) (13,899 ) (6,567 ) (9 ) (20,475 ) Total revenues 217,707 95,481 22,946 6,697 81,115 423,946 (6,567 ) (28,262 ) 389,117 Total expenses 224,191 42,246 20,049 33,190 73,317 392,993 36,021 (28,262 ) 400,752 Other, net — 104 140 (245 ) 83 82 (2,185 ) — (2,103 ) Net (loss) income before taxes $ (6,484 ) $ 53,339 $ 3,037 $ (26,738 ) $ 7,881 $ 31,035 $ (44,773 ) $ — $ (13,738 ) Depreciation and amortization $ 1,433 $ (151 ) $ 127 $ (107 ) $ 2,818 $ 4,120 $ 12,342 $ — $ 16,462 Total assets 2,994,779 768,229 109,434 17,996,903 336,687 $ 22,206,032 2,115,780 (2,093,874 ) $ 22,227,938 January 1, 2021 to March 31, 2021 Predecessor Mortgage Reverse Commercial Portfolio Lender Total Corporate Elim Total REVENUES Gain on sale of loans, net $ 286,481 $ — $ — $ 5,065 $ — $ 291,546 $ — $ (212 ) $ 291,334 Net fair value gains — 68,449 5,431 2,750 — 76,630 — 33 76,663 Fee income 32,731 524 8,930 36,191 76,383 154,759 — 6,612 161,371 Net interest expense 891 — — (14,816 ) (36 ) (13,961 ) (7,744 ) — (21,705 ) Total revenues 320,103 68,973 14,361 29,190 76,347 508,974 (7,744 ) 6,433 507,663 Total expenses 224,246 23,693 13,391 24,406 62,970 348,706 18,683 5,955 373,344 Other, net — 34 149 895 2 1,080 (9,464 ) (478 ) (8,862 ) Net income (loss) before taxes $ 95,857 $ 45,314 $ 1,119 $ 5,679 $ 13,379 $ 161,348 $ (35,891 ) $ — $ 125,457 Depreciation and amortization $ 1,423 $ 151 $ 125 $ 146 $ 1,268 $ 3,113 $ 371 $ — $ 3,484 Total assets 2,425,529 35,861 82,375 17,378,088 125,317 $ 20,047,170 379,562 (326,313 ) $ 20,100,419 For the three months ended June 30, 2020 Predecessor Mortgage Reverse Commercial Portfolio Lender Total Corporate Elim Total REVENUES Gain on sale of loans, net $ 298,333 $ — $ — $ — $ — $ 298,333 $ — $ (42 ) $ 298,291 Net fair value gains — 54,689 21 57,237 — 111,947 — 356 112,303 Fee income 33,795 509 350 1,431 44,312 80,397 28 (3,769 ) 76,656 Net interest expense 778 — — (19,708 ) (42 ) (18,972 ) (2,804 ) (15 ) (21,791 ) Total revenues 332,906 55,198 371 38,960 44,270 471,705 (2,776 ) (3,470 ) 465,459 Total expenses 215,958 22,156 6,552 21,374 39,554 305,594 16,573 (3,470 ) 318,697 Other, net — — — — — — (28 ) — (28 ) Net income (loss) before taxes $ 116,948 $ 33,042 $ (6,181 ) $ 17,586 $ 4,716 $ 166,111 $ (19,377 ) $ — $ 146,734 Depreciation and amortization $ 1,520 $ 286 $ 142 $ 11 $ 1,050 $ 3,009 $ 479 $ — $ 3,488 Total assets $ 1,816,879 $ 86,335 $ 59,439 $ 16,194,177 $ 92,413 $ 18,249,243 $ 484,973 $ (638,216 ) $ 18,096,000 For the six months ended June 30, 2020 Predecessor Mortgage Reverse Commercial Portfolio Lender Total Corporate Elim Total REVENUES Gain on sale of loans, net $ 425,624 $ — $ — $ 5,617 $ — $ 431,241 $ — $ (2,266 ) $ 428,975 Net fair value gains — 89,278 8,582 25,881 — 123,741 — 1,942 125,683 Fee income 54,322 1,112 11,185 2,392 85,570 154,581 44 (7,998 ) 146,627 Net interest expense 1,264 — — (44,481 ) (33 ) (43,250 ) (4,220 ) (82 ) (47,552 ) Total revenues 481,210 90,390 19,767 (10,591 ) 85,537 666,313 (4,176 ) (8,404 ) 653,733 Total expenses 354,149 40,740 22,442 38,746 78,149 534,226 23,222 (8,404 ) 549,044 Other, net — — — — — — (44 ) — (44 ) Net income (loss) before taxes $ 127,061 $ 49,650 $ (2,675 ) $ (49,337 ) $ 7,388 $ 132,087 $ (27,442 ) $ — $ 104,645 Depreciation and amortization $ 3,087 $ 455 $ 306 $ 23 $ 2,105 $ 5,976 $ 981 $ — $ 6,957 Total assets $ 1,816,879 $ 86,335 $ 59,439 $ 16,194,177 $ 92,413 $ 18,249,243 $ 484,973 $ (638,216 ) $ 18,096,000 |
Liquidity and Capital Requireme
Liquidity and Capital Requirements | 6 Months Ended |
Jun. 30, 2021 | |
Liquidity And Capital Requirements [Abstract] | |
Liquidity and Capital Requirements | 28. Liquidity and Capital Requirements FAM In addition to the covenant requirements of FAM mentioned in Note 18—Other Financing Lines of Credit, FAM is subject to various regulatory capital requirements administered by HUD as a result of their mortgage origination and servicing activities. HUD governs non-supervised, Failure to meet minimum capital requirements can result in certain mandatory remedial actions and potentially result in additional discretionary remedial actions by regulators that, if undertaken, could: (i) remove FAM’s ability to sell and service loans to or on behalf of the Agencies; and (ii) have a direct material effect on FAM’s financial statements, results of operations and cash flows. In accordance with the regulatory capital guidelines, FAM must meet specific quantitative measures of cash, assets, liabilities, profitability and certain off-balance Among FAM’s various capital requirements related to its outstanding mortgage origination and servicing agreements, the most restrictive of these requires FAM to maintain a minimum adjusted net worth balance as of the end of the most recent fiscal quarter of $149.9 million as of June 30, 2021 (Successor). FAM’s adjusted net worth was $191.4 million as of June 30, 2021 (Successor). FAM is also subject to requirements related to material declines in quarterly and two consecutive quarter tangible net worth. As a result of impacts from the Business Combination, FAM was not in compliance with the quarterly and two consecutive quarter tangible net worth requirements required by FNMA. The Company received a waiver for the covenant violation from FNMA as of June 30, 2021 (Successor). In addition, FAM is required to maintain both fidelity bond and errors and omissions insurance coverage at tiered levels based on the aggregate UPB of the loans serviced by FAM throughout the year. FAM is required to conduct compliance testing at least quarterly to ensure compliance with the foregoing requirements. As of June 30, 2021 (Successor), FAM was in compliance with applicable requirements. FAR As an issuer of HMBS, FAR is required by GNMA to maintain minimum net worth, liquidity and capitalization levels as well as minimum insurance levels. The net worth required is $5.0 million plus 1% of FAR’s commitment authority from GNMA. The liquidity requirement is for 20% of FAR’s required net worth to be in the form of cash or cash equivalent assets. FAR is required to maintain a ratio of 6% of net worth to total assets. At June 30, 2021 (Successor), FAR was in compliance with the minimum net worth, liquidity and insurance requirements of GNMA and had received a permanent waiver for its capital requirement. The minimum tangible net worth required of FAR by GNMA was $101.3 million at June 30, 2021 (Successor). FAR’s actual net worth calculated based on GNMA guidance was $438.3 million at June 30, 2021 (Successor). The Company was therefore in compliance with all net worth requirements. In addition, FAR is required to maintain both fidelity bond and errors and omissions insurance coverage at tiered levels based on the aggregate UPB of the loans serviced by FAR throughout the year. FAR is required to conduct compliance testing at least quarterly to ensure compliance with the foregoing requirements. As of June 30, 2021 (Successor), FAR was in compliance with applicable requirements. Incenter Incenter Securities Group LLC (“ISG”), one of the operating subsidiaries of Incenter, operates in a highly regulated environment and is subject to federal and state laws, SEC rules and Financial Industry Regulatory Authority (“FINRA”) rules and guidance. Applicable laws and regulations, among other things, restrict permissible activities and require compliance with a wide range of financial and customer-related protections. The consequences of noncompliance can include substantial monetary and nonmonetary sanctions. In addition, ISG is subject to comprehensive examination by its regulators. These regulators have broad discretion to impose restrictions and limitations on the operations of the Company and to impose sanctions for noncompliance. ISG is subject to the SEC’s Uniform Net Capital Rule (SEC Rule 15c3-1) Additionally, ISG claims the exemption provision of SEC Rule 15c3-3(k)(2)(ii). Agents National Title Insurance Company (“Agents”), an operating subsidiary of Incenter, has additional capital requirements. The State of Missouri and State of Alabama require domestic title insurance underwriters maintain minimum capital and surplus of $1.6 million and $0.2 million, respectively. Failure to comply with these provisions may result in various actions up to and including surrender of the certificate of authority. Additionally, in October 2019, Agents entered into a capital maintenance agreement in conjunction with the approval for the certificate of authority for California. This agreement requires Agents to maintain a minimum of $8.0 million in policyholder surplus. If Agents falls below this requirement in any given quarter, Incenter must contribute cash, cash equivalents securities or other instruments to bring Agents in compliance. The Company’s insurance company subsidiaries met the existing minimum statutory capital and surplus requirements as of June 30, 2021 (Successor). The Company is also required to maintain bonds, certificates of deposit and interest bearing accounts in accordance with applicable state regulatory requirements. The total requirement was $3.5 million across all states as of June 30, 2021 (Successor). The Company was in compliance with these requirements as of June 30, 2021 (Successor). |
Concentrations of Risk
Concentrations of Risk | 6 Months Ended |
Jun. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | 29. Concentrations of Risk The Company’s activities are subject to significant risks and uncertainties, including the ability of management to adequately develop its service lines, acquire adequate customer and revenue bases, and overall market demand for its services. In addition, the Company engages in various trading and brokerage activities in which counterparties primarily include broker-dealers, banks and other financial institutions. In the event counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty. Financial instruments, which potentially subject the Company to credit risk, consist of cash and cash equivalents, derivatives, loans held for sale, and loans held for investment. The Company invests its excess cash balances that may exceed federal insured limits with financial institutions evaluated as being creditworthy, primarily in money market accounts which are exposed to minimal interest rate and credit risk. The balances of these accounts are insured by the Federal Deposit Insurance Corporation, subject to certain limitations. Credit risk is reduced by the Company’s underwriting standards, monitoring pledged collateral and other in-house Mortgage loans are sold or financed through one of the following methods: (i) sales or financing securitizations to or pursuant to programs sponsored by FNMA, FHLMC, and GNMA, or (ii) sales or financing securitizations issued to private investors. The Company sold $6,421.2 million for the Successor period from April 1, 2021 to June 30, 2021 and $7,696.6 million for the Predecessor period from January 1, 2021 to March 31, 2021 in mortgage loans to FNMA, FHLMC and GNMA. The Company sold $7,274.4 million for the Predecessor three months ended June 30, 2020 and $10,850.6 million for the Predecessor six months ended June 30, 2020 in mortgage loans to FNMA, FHLMC and GNMA. The Company sold to or securitized with private investors $1,691.9 million for the Successor period from April 1, 2021 to June 30, 2021 and $1,724.3 million for the Predecessor period from January 1, 2021 to March 31, 2021 in mortgage loans. The Company sold to or securitized with private investors $1,883.3 million for the Predecessor three months ended June 30, 2020 and $3,384.1 million for the Predecessor six months ended June 30, 2020 in mortgage loans. For the Successor period, April 1, 2021 to June 30, 2021, the sale or financing securitizations issued to private investors consisted of 33.2% nonperforming loans and 66.8% other. For the Predecessor period from January 1, 2021 to March 31, 2021, the sales or financing securitizations issued to private investors consisted of 33.1% nonperforming repurchased loans and 66.9% other. The Company’s sales or financing securitizations issued to private investors for the Predecessor three months ended June 30, 2020 consisted of 46.8% non-agency non-agency The Company is partially owned by Libman Family Holdings, LLC, certain investment funds affiliated with Blackstone and other co-investors. non-affiliated arm’s-length non-affiliated non-affiliated non-affiliated sub-advisor non-affiliated non-affiliated non-affiliated In July 2017, the Company entered into a $45.0 million mezzanine financing agreement with a non-affiliated Residential Mortgages The mortgaged properties securing the residential loans that we service are geographically dispersed throughout the United States. Certain states may experience future weakened economic conditions or greater rates of decline in real estate values than the United States in general. In addition, certain states may change their licensing or other regulatory requirement to make servicing loans in these states cost-prohibitive. The table below provides the percentage of residential mortgage loans serviced by the location in which the home securing the loan is located and is based on the outstanding UPB. “Other” consists of loans in states in which concentration individually represents less than 5% of total remaining UPB. June 30, 2021 December 31, 2020 Successor Predecessor California 36 % 37 % Oregon 8 7 Washington 8 8 Arizona 6 6 New Jersey 5 5 Other 37 37 100 % 100 % Reverse Mortgages FAR originates, buys and sells HECMs, commonly referred to as reverse mortgages, and securitizes and sells the HECMs as HMBS. FAR is subject to approval of, and is heavily regulated by, federal and state regulatory agencies as a mortgage lender, GNMA issuer, broker and servicer. The secondary market for the FHA insured HECM loans is not assured; to the extent the program requires Congressional appropriations in future years, which are not forthcoming, the program could be jeopardized; and/or, consumer demand could be reduced if FHA actions result in a reduction of initial principal limit available to borrowers. FAR depends on its ability to securitize reverse mortgages, subsequent draws, mortgage insurance premiums and servicing fees, and would be adversely affected if the ability to access the secondary market were to be limited. Concentrations of credit risk associated with reverse mortgage loans are limited due to the large number of customers and their dispersion across many geographic areas. The table below provides the percentage of reverse loans in the Company’s Consolidated Statements of Financial Condition by the location in which the home securing the loan is located and is based on their remaining UPBs. “Other” consists of loans in states in which concentration individually represents less than 5% of total remaining UPB. June 30, 2021 December 31, 2020 Successor Predecessor California 44 % 44 % New York 8 8 Florida 5 5 Texas 5 5 Other 38 38 100 % 100 % A significant portion of the Company’s non-agency non-agency June 30, 2021 December 31, 2020 Successor Predecessor California 79 % 84 % Other 21 16 100 % 100 % Loans previously repurchased out of a HMBS pool (“HECM Buyouts”) that were subsequently securitized also contain concentrations of credit risk as they are limited due to the dispersion across many geographic areas. The table below provides the percentage of securitized nonperforming HECM buyouts in the Company’s Consolidated Statements of Financial Condition by the location in which the home securing the loan is located and is based on their remaining UPBs. “Other” consists of loans in states in which concentration individually represents less than 5% of total remaining UPB. June 30, 2021 December 31, 2020 Successor Predecessor Puerto Rico 16 % 21 % New York 16 15 California 10 9 Texas 10 9 Florida 6 5 Other 42 41 100 % 100 % Puerto Rico’s economy has been in a serious recession since the second quarter of 2006, and its economic downturn has been generally much worse than that of the United States. Further, Hurricane Maria in 2017 has further stressed the economy and infrastructure in Puerto Rico, resulting in extensive loss of water supplies and electricity. Regulatory agencies require all properties in affected areas to be inspected for “acceptable” condition prior to any transaction occurring with or on behalf of the GSEs or HUD (including foreclosure sale, property conveyance, sale/funding/transfers of originated loans to third parties, etc.). This required inspection may cause delays in foreclosures and settlement of claims. Additionally, in certain circumstances when there are uninsured losses, the Company may be responsible for repairs to the properties if not done by the homeowner. In its determination of fair value amounts for loans that are in disaster impacted areas, the Company has provided for increased expectations of loss severities due to delays in processing claims and uninsured losses. These estimates are based on management’s best estimates of anticipated losses. Actual results may differ from the estimates due to external factors. Commercial Mortgages The economies of states where mortgage properties are concentrated may be adversely affected to a greater degree than the economies of other areas of the country. The table below provides the percentage of loans on the Company’s Consolidated Statements of Financial Condition by the location in which the home securing the loan is located and is based on their remaining UPBs. “Other” consists of loans in states in which concentration individually represents less than 5% of total remaining UPB. June 30, 2021 December 31, 2020 Successor Predecessor Illinois 7 % 7 % Minnesota 8 5 New Jersey 6 9 New York 3 7 California 4 9 Connecticut 2 5 Florida 5 6 Texas 5 5 New Mexico 13 1 Other 47 46 100 % 100 % Incenter The Company’s title and closing revenue had two major referral partners accounting for approximately 23% of revenue for the Successor period from April 1, 2021 to June 30, 2021 and 21% of revenue for the Predecessor period from January 1, 2021 to March 31, 2021. The two major referral partners also made up a significant portion of revenue for the Predecessor periods with 25% of revenue for the three months ended June 30, 2020 and 23% of revenue for the six months ended June 30, 2020. Ratings have always been an important factor in establishing the competitive position of insurance companies. Ratings reflect the opinion of a rating agency with regard to an insurance company’s or insurance holding company’s financial strength, operating performance and ability to meet its obligations to policyholders and are not evaluations directed to investors. The Company’s insurance subsidiary is rated by Demotech and, as of June 30, 2021 (Successor), the rating assigned was A (Exceptional). The Company is subject to continued periodic review by the rating agency and the continued retention of the rating cannot be assured. If the rating is reduced from the current level or the ratings of the Company’s insurance title underwriter are downgraded, the results of operations could be adversely affected. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 30. Related Party Transactions The Company transacts with various related parties as a part of normal day-to-day respectively. Promissory Notes In June 2019, the Company executed two Revolving Working Capital Promissory Note Agreements (the “2019 Promissory Notes”) with BTO Urban Holdings and Libman Family Holdings, LLC, which are deemed affiliates of the Company. The 2019 Promissory Notes accrued interest monthly at a rate of % per annum and matured and were paid in full in June 2020. For the three months ended June 30, 2020 of the Predecessor, the Company paid interest of $ million related to the 2019 Promissory Notes. For the six months ended June 30, 2020 of the Predecessor, the Company paid interest of $ million related to the 2019 Promissory Notes. For the Predecessor period from January 1, 2021 to March 31, 2021 and the Successor period from April 1, 2021 to June 30, 2021, the Company paid interest related to the 2019 Promissory Notes. Agricultural Loans In 2019, the Company entered into an Amended and Restated Limited Liability Company Agreement with FarmOp Capital Holdings, LLC (“FarmOps”) in which the Company acquired an equity investment in FarmOps. Subsequent to this agreement, the Company agreed to purchase originated agricultural loans from FarmOps. The Company purchased agricultural loans and had total funded draw amounts of $46.3 million and $53.4 million, respectively, for the Successor period from April 1, 2021 to June 30, 2021 and $83.0 million and $82.1 million, respectively, for the Predecessor period from January 1, 2021 to March 31, 2021. The Predecessor purchased agricultural loans and had total funded draw amounts of $12.0 million and $11.5 million, respectively, for the three months ended June 30, 2020 and $76.7 million and $67.1 million, respectively, for the six months ended June 30, 2020. The Company had promissory notes outstanding with FarmOps of $3.3 million and $0.8 million as of June 30, 2021 (Successor) and December 31, 2020 (Predecessor), respectively. Cloudvirga In 2017 and 2019, the Company purchased preferred and common stock investments in Cloudvirga, Inc. (“Cloudvirga”). Subsequent to its investment, the Company entered into a software development arrangement in which Cloudvirga agreed to develop software in addition to providing certain technology services for the Company. In May 2021, Cloudvirga merged with an unaffiliated third party, causing the liquidation of all shares held by the Company. As such, the fair value assumptions used to determine the holding value of such preferred equity were updated by the Company and resulted in an impairment of the equity investment of $9.3 million in the Predecessor period from January 1, 2021 to March 31, 2021. As a result of this liquidation of the held shares of Cloudvirga by certain subsidiaries of the Company, the related party relationship was terminated. For the Predecessor period from January 1, 2021 to March 31, 2021, $1.7 million was capitalized related to the development of the software and will be amortized over a 12 month period from the date placed in service. Professional fees paid to Cloudvirga, in exchange for the technology services, by the Predecessor were $0.6 million for the Predecessor period from January 1, 2021 to March 31, 2021, $0.3 million for the Predecessor three months ended June 30, 2020 and $0.8 million for the Predecessor six months ended June 30, 2020. Nonrecourse MSR Financing Liability, at Fair Value In 2020, the Company entered into a nonrevolving facility commitment with various related parties, to sell beneficial interests in the servicing fees generated from its originated or acquired MSRs. Under these agreements, the Company has agreed to sell excess servicing income or pay an amount equal to excess servicing income to third parties, in each case, taking into account cost of servicing and ancillary income related to the identified MSRs in exchange for an upfront payment equal to the purchase price or fair value of the identified MSRs. These transactions are accounted for as financings. As of June 30, 2021 (Successor) and December 31, 2020 (Predecessor), the Company had an outstanding advance of $22.1 million and $14.9 million against this commitment for the purchase of MSRs with a fair value of $18.9 million and $14.1 million, respectively. The Company has also entered into Investment Management Agreements with these third parties to serve as the investment manager, in which the Company performs various advisory services to the investors in exchange for a management fees. Management fees amounted to $0.1 million for the Successor period from April 1, 2021 to June 30, 2021 and for the Predecessor period from January 1, 2021 to March 31, 2021. There were no managements fees paid for the Predecessor three months ended June 30, 2020 or the Predecessor six months ended June 30, 2020, as the nonrevolving facility commitment during these periods. Senior Notes Related parties of FoA purchased notes in the high-yield debt offering in November 2020 in an aggregate principal amount of $135.0 million. |
Condensed Financial Information
Condensed Financial Information of Registrant (Parent Company Only) | 6 Months Ended |
Jun. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Registrant (Parent Company Only) | 31. Condensed Financial Information of Registrant (Parent Company Only) Finance of America Companies Inc. (Parent company only) Condensed Statements of Financial Condition (Dollars in thousands) June 30, 2021 December 31, 2020 Successor Predecessor ASSETS Fixed assets and leasehold improvements, net $ — $ 23 Investment in subsidiaries 814,440 639,011 Other assets, net — 2,184 TOTAL ASSETS $ 814,440 $ 641,218 LIABILITIES AND EQUITY Payables and other liabilities $ 76,469 $ 13,033 TOTAL LIABILITIES $ 76,469 $ 13,033 EQUITY FoA Equity Capital LLC member’s equity — 628,176 Class A Common Stock (Successor), $0.0001 par value; 6,000,000,000 shares authorized; 59,881,714 shares issued and outstanding at June 30, 2021 6 — Additional paid-in 807,521 — Accumulated deficit (Successor) (69,548 ) — Accumulated other comprehensive (loss) income (8 ) 9 TOTAL EQUITY 737,971 628,185 TOTAL LIABILITIES AND EQUITY $ 814,440 $ 641,218 Finance of America Companies Inc. (Parent Company Only) Condensed Statements of Operations and Comprehensive Income (Dollars in thousands) April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor REVENUES Interest expense $ — $ (46 ) $ (2,477 ) $ (3,601 ) TOTAL REVENUES — (46 ) (2,477 ) (3,601 ) EXPENSES Salaries and benefits — 4,041 3,162 4,263 Occupancy and equipment rentals — 161 143 312 General and administrative — 357 215 736 TOTAL EXPENSES — 4,559 3,520 5,311 OTHER, NET (2,152 ) — — — NET LOSS BEFORE INCOME TAXES (2,152 ) (4,605 ) (5,997 ) (8,912 ) Provision for income taxes applicable to parent (99 ) — — — NET LOSS (2,053 ) (4,605 ) (5,997 ) (8,912 ) Equity in undistributed income from subsidiaries 4,318 124,464 154,332 129,997 NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST 2,265 119,859 148,335 121,085 Other comprehensive (loss) income (8 ) (11 ) 18 11 COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST $ 2,257 $ 119,848 $ 148,353 $ 121,096 As disclosed in Note 2—Summary of Significant Accounting Policies, FoA is a holding company and has a controlling interest in FoA Equity. FoA did not have any cash as of June 30, 2021 (Successor), accordingly Condensed Statements of Cash Flows have not been presented. Management determined which assets and liabilities were to be used by the operating subsidiaries, and these amounts have been appropriately excluded from the parent company Condensed Statements of Financial Position of FoA presented above. Changes in these balances are reflected as additional contributions and distributions from FoA Equity in the period in which they occur, and had no impact on any cash balances that may have otherwise been maintained at FoA. Basis of Presentation The parent company financial statements should be read in conjunction with the Company’s Consolidated Financial Statements and the accompanying notes thereto. The parent company follows the same accounting policies as disclosed in Note 2—Summary of Significant Accounting Policies to the Company’s Consolidated Financial Statements. For purposes of this condensed financial information, the Company’s consolidated subsidiaries are recorded based upon its proportionate share of the subsidiaries net assets (similar to presenting them on the equity method). Since restricted net assets of FoA and its subsidiaries exceed 25% of the consolidated net assets of the Company and its subsidiaries, the accompanying condensed parent company financial statements have been prepared in accordance with Rule 12-04 S-X. Dividends from Subsidiaries There were no cash dividends paid to the parent from the Company’s consolidated subsidiaries for the Successor period from April 1, 2021 to June 30, 2021 and $75.0 million for the Predecessor period from January 1, 2021 to March 31, 2021. There were no cash dividends paid to parent from the Company’s consolidated subsidiaries for the three months ended June 30, 2020 or the six months ended June 30, 2020. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 32. Income Taxes The components of income tax expense were as follows: April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Net (loss) income before income taxes $ (13,738 ) $ 125,457 $ 146,734 $ 104,645 Provision for income taxes 1,086 1,137 448 766 Effective tax provision rate (7.91 )% 0.91 % 0.31 % 0.73 % The Company’s income tax expense varies from the expense that would be expected based on statutory rates due principally to its organizational structure. Prior to the Business Combination, FoA Equity operated as a U.S. Partnership which, generally, are not subject to federal and state income taxes. Post transaction, FoA’s effective tax rate differs from the U.S.’s statutory rate primarily due to the noncontrolling interest associated with the portion of FoA Equity income not allocable to FoA and treatment of certain non-recurring FoA is taxed as a corporation and is subject to corporate federal, state and local taxes on the income allocated to it from FoA Equity, based upon FoA’s economic interest in FoA Equity, as well as any stand-alone income or loss it generates. FoA Equity and its disregarded subsidiaries are treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, FoA Equity is not subject to U.S. federal and certain state and local income taxes. FoA Equity’s members, including FoA, are liable for federal, state and local income taxes based on their allocable share of FoA Equity’s pass-through taxable income, which includes income of FoA Equity’s subsidiaries that are treated as disregarded entities separate from FoA Equity for income tax purposes. FoA Equity wholly owns Campus Door Inc., BNT Title Company of California, ANTIC Inc. and Silvernest Inc., which are regarded corporate subsidiaries for tax purposes. FoA Equity’s regarded corporate subsidiaries are subject to corporate federal, state and local taxes on income they generate. As such, the consolidated tax provision of FoA addresses corporate taxes that it incurs based on its flow-through income from FoA Equity as well as corporate taxes that are incurred by its regarded subsidiaries. As a result of the Business Combination, the Company recognized a deferred tax liability (“DTL”) in the net amount of $24.5 million to account for the difference between the Company’s book and tax basis in its investment in FoA Equity. Furthermore, the Company recognizes deferred tax assets to the extent it believes these assets are more-likely-than-not The Company recognizes uncertain income tax positions when it is not more-likely-than-not |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per share | 33. Earnings Per Share Basic net income per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding during the Successor period. Diluted net income per share is based on the weighted average number shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share For the Predecessor periods, FoA Equity’s capital structure consisted of a single class of outstanding membership units which are held by one member, UFG. Therefore, the Company has omitted earnings per unit for the Predecessor period due to the limited number of LLC unit holders for the Predecessor periods presented. The following table reconciles the numerators and denominators used in the computations of both basic and diluted earnings per share for the Successor period (in thousands, except for share amounts): April 1, 2021 June 30, 2021 Successor Basic net income (loss) per share: Numerator Net loss $ (14,824 ) Less: loss attributable to noncontrolling interests (1) (17,089 ) Net income attributable to holders of Class A Common Stock—basic $ 2,265 Denominator Weighted average shares of Class A Common Stock outstanding—basic 59,881,714 Basic net income per share $ 0.04 (1) Additionally, the Class B Common Stock does not participate in earnings or losses of the Company and therefore is not a participating security. The Class B Common Stock has not been included in either the basic or diluted net income per share calculations. Loss attributable to noncontrolling interest includes special allocations of recognized expense related to the A&R MLTIP. See Note 24 - Incentive Compensation for additional details. April 1, 2021 to June 30, 2021 (in thousands, except for share amounts) Successor Diluted net loss per share: Numerator Net income attributable to holders of Class A Common Stock $ 2,265 Reallocation of net loss assuming exchange of Class A LLC Units (2) (12,001 ) Net loss attributable to holders of Class A Common Stock—diluted $ (9,736 ) Denominator Weighted average shares of Class A Common Stock outstanding—basic 59,881,714 Effect of dilutive securities: Assumed exchange of Class A LLC Units for shares of Class A Common Stock (3) 131,318,286 Weighted average shares of Class A Common Stock outstanding—diluted 191,200,000 Diluted net loss per share $ (0.05 ) (2) after-tax if-converted Following the terms of the A&R LLC Agreement, the Class A LLC unitholders will initially bear approximately 85% of the cost of any vesting associated with the Replacement RSUs and Earnout Right RSUs prior to any distribution by FoA to such Class A LLC unitholders. The remaining compensation cost associated with the Replacement RSUs and Earnout Right RSUs will be shared by Blocker. As a result of the application of the if-converted (3) if-converted one-for-one In addition to the Class A LLC Units, the Company also had Replacement RSUs outstanding during the period from April 1, 2021 to June 30, 2021. The effects of the Replacement RSUs following the treasury stock method have been excluded from the computation of diluted net income per share given that the if-converted |
Sponsor Earnout
Sponsor Earnout | 6 Months Ended |
Jun. 30, 2021 | |
Sponsor Earnout [Abstract] | |
Sponsor Earnout | 34. Sponsor Earnout Contemporaneously with the execution of the Transaction Agreement, the initial shareholders entered into an amendment and restatement of the existing Sponsor Agreement (as amended and restated, the “Sponsor Agreement”) with FoA, Replay and FoA Equity, pursuant to which, in connection with the Closing of the Business Combination, among other things, (i) immediately prior to the Domestication (as defined below), the 7,750,000 of private placement warrants (the “Private Warrants” and, together with the Public Warrants, the “Warrants”) owned by the Sponsor were exchanged for 775,000 ordinary shares which then converted into shares of Class A Common Stock and (ii) excluding the 90,000 Founder Shares held by Replay’s independent directors (unless transferred to any other initial shareholder or permitted transferee thereof) that were converted into shares of Class A Common Sock and immediately vested, % of the Founder Shares shares held by the Sponsor (2,839,000 shares) were converted into vested Class A Common Stock and became wholly owned by the Sponsor immediately prior to the Closing of the Business Combination and % If at any time during the six years following the Closing, the VWAP of FoA’s Class A Common Stock is greater than or equal to $12.50 for any twenty (20) Trading Days within a period of thirty (30) consecutive Trading Days (“First Sponsor Earnout Achievement Date”) then 35% of the total Founder Shares owned by each Sponsor Person shall vest. If the First Sponsor Earnout Achievement Date has not occurred within six years of the Closing Date the Founder Shares that were eligible to vest shall not vest and shall be forfeited. If at any time during the six years following the Closing, the VWAP of FoA’s Class A Common Stock is greater than or equal to $15.00 for any twenty (20) Trading Days within a period of thirty (30) consecutive Trading Days (“Second Sponsor Earnout Achievement Date”) then 25% of the total Founder Shares owned by each Sponsor Person shall vest. If the Second Sponsor Earnout Achievement Date has not occurred within six years of the Closing Date the Founder Shares that were eligible to vest shall not vest and shall be forfeited. Given that the Sponsor Agreement was issued to the acquirers of FoA Equity, and not to the sellers of FoA Equity, the Pre-Closing The fair value was determined by using a Monte Carlo simulation to forecast the future daily price per share of Class A Common Stock over a six-year |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Equity | 35. Equity Class A Common Stock As of June 30, 2021 (Successor), there were 64,140,214 shares of Class A Common Stock outstanding, consisting of 59,881,714 vested shares and 4,258,500 unvested shares that are subject to vesting and forfeiture. The 4,258,500 unvested shares of Class A Common Stock relate to the Sponsor Earnout, further discussed in Note 34. The 4,258,500 unvested shares of Class A Common Stock are not entitled to receive any dividends or other distributions, do not have any other economic rights until such shares are vested, and will not be entitled to receive back dividends or other distributions or any other form of economic “catch-up” Class B Common Stock Upon the Closing of the Business Combination, the Company issued 7 shares of Class B Common Stock, par value $0.0001 per share, to holders of Class A LLC Units. The Class B Common Stock has no economic rights but entitles each holder of at least one such share (regardless of the number of shares so held) to a number of votes that is equal to the aggregate number of Class A LLC Units held by such holder on all matters on which shareholders of the Company are entitled to vote generally. Class A LLC Units In connection with the Business Combination, the Company, FoA Equity and the Continuing Unitholders entered into an Exchange Agreement (the “Exchange Agreement”). The Exchange Agreement sets forth the terms and conditions upon which holders of Class A LLC Units may exchange their Class A LLC Units for shares of Class A Common Stock on a one-for-one |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 36. Subsequent Events The Company has evaluated subsequent events from the date of the Consolidated Financial Statements of June 30, 2021 through August 16, 2021, the date these Consolidated Financial Statements were issued. No events or transactions were identified that would have an impact on the financial position or results of operations of the Company as of June 30, 2021 (Successor) as reported herein. However, management of the Company believes disclosure of the following events is appropriate. Securitizations Reverse Loan Securitization In July 2021, the Company securitized approximately $296.0 million of its reverse mortgage loans, through the issuance of approximately $331.9 million of mortgage backed notes, which accrue interest at an annual rate of 1.3% on a weighted average basis on the principal balance of the notes and have a scheduled final maturity date occurring in July 26 98.3 July 2024 This securitization will be accounted for as a secured financing in the Company’s Consolidated Statements of Financial Condition. FarmOps In July 2021, upon meeting the contractual exercise condition, the Company exercised its warrant for the purchase of 6,426,015 Series A-2 Convertible Preferred Units of FarmOp at the contractual cash exercise price of $0.0001 per unit. Following this exercise, FoA’s percentage of fully-diluted equity ownership of FarmOp is 36.4%. Financing Lines of Credit The July 2021 $200.0 million facility was amended in July 2021. Under the terms of the new amended agreement, the maturity date was extended to July 2022. The August 2021 $300.0 million facility was amended in August 2021. Under the terms of the new amended agreement, the maturity date was extended to September 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Line Items] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements comprise the financial statements of FoA and its controlled subsidiaries for the Successor period from April 1, 2021 to June 30, 2021 and the financial statements of FoA Equity and its controlled subsidiaries for the Predecessor periods from January 1, 2021 to March 31, 2021 and for the three months ended and six months ended June 30, 2020. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The Consolidated Statement of Financial Condition as of December 31, 2020 has been derived from the audited consolidated financial statements of the Predecessor as of and for the year ended December 31, 2020. In the opinion of management, such financial information reflects all normal and recurring adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with GAAP. Operating results for the interim period are not necessarily indicative of the results that may be expected for any future period or for the full year. The consolidated interim financial statements, including the significant accounting policies, should be read in conjunction with the audited consolidated financial statements of FoA Equity and notes thereto for the year ended December 31, 2020 (Predecessor). 12 On October 12, 2020, the Company, Replay Acquisition Corp. (“Replay”) and FoA Equity entered into the Transaction Agreement pursuant to which Replay agreed to combine with FoA Equity in a series of transactions that resulted in the formation of the Company as a publicly traded company on the New York Stock Exchange (“NYSE”), and the Company controlling FoA Equity in an “UP-C” The consolidated financial statements include the accounts of the Predecessor, prior to the Business Combination, which was determined to be FoA Equity, a limited liability company that was formed in July 2020. Prior to the Business Combination, FoA Equity was a wholly owned subsidiary of UFG Holdings LLC (“UFG”). FoA Equity owned all of the outstanding equity interests or had a controlling financial interest in FOAF. FAH and Incenter LLC, which were wholly owned subsidiaries of FOAF, as well as their consolidated operating lending subsidiaries and operating service subsidiaries. See Note 1—Organization and Description of Business for additional information. The significant accounting policies described below, together with the other notes that follow, are an integral part of the consolidated financial statements. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its controlled subsidiaries and certain variable interest entities (“VIEs”) where the Company is the primary beneficiary. The Company is deemed to be the primary beneficiary of a VIE when it has both (1) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance, and (2) exposure to benefits and/or losses that could potentially be significant to the entity. 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 that the Company ceases to be the primary beneficiary. FoA Equity consolidates the accounts of Finance of America Commercial Holdings LLC (“FACo Holdings”), which is a direct subsidiary of FAH and an indirect parent company of FACo. Through the date of the Business Combination, the noncontrolling interests of FACo Holdings met the definition of contingently redeemable financial instruments for which the ability to redeem was outside the control of the consolidating entity. The Contingently Redeemable Noncontrolling Interest (“CRNCI”) in this subsidiary was shown as a separate caption between liabilities and equity. Any income or losses attributable to the CRNCI were shown as an addition to or deduction from CRNCI in the Consolidated Statements of Financial Condition. All significant intercompany balances and transactions were eliminated. See Note 25—Changes in CRNCI for further discussion of the CRNCI and additions to or deductions from the CRNCI balance. |
Business Combinations | Business Combinations The Company applies the acquisition method to all transactions and other events in which the entity obtains control over one or more other businesses. Assets acquired and liabilities assumed are measured at fair value as of the acquisition date. Liabilities related to contingent consideration are recognized at the acquisition date and re-measured Under ASC 805 there is an option to apply push-down accounting, which establishes a new basis for the assets and liabilities of the acquired company based on a “push down” of the acquirer’s stepped-up basis. The push-down accounting election is made in the reporting period in which the change-in-control event occurs. FoA has elected push-down accounting for the Business Combination, and will record the push-down entries at FoA Equity. |
Goodwill | Goodwill Goodwill is the excess of the purchase price over the fair value of the net assets acquired. Goodwill is not amortized, but is reviewed for impairment annually as of October 1 and monitored for interim triggering events on an ongoing basis. If certain events occur, which indicate goodwill might be impaired between annual tests, goodwill must be tested when such events occur. In making this assessment, the Company considers a number of factors including operating results, business plans, economic projections, anticipated future cash flows, etc. There are inherent uncertainties related to these factors and management’s judgment in applying them to the analysis of goodwill impairment. Changes in economic and operating conditions could result in goodwill impairment in future periods. In testing goodwill for impairment, the Company performs a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its carrying value including goodwill, the Company will compare the fair value of that reporting unit with its carrying value including goodwill. If the carrying value of a reporting unit exceeds its fair value, goodwill is considered impaired with the impairment loss equal to the amount by which the carrying value of the goodwill exceeds the implied fair value of that goodwill. |
Intangible Assets, Net | Intangible Assets, Net Intangible assets, net, primarily consist of trade names, customer lists, and broker relationships acquired through various acquisitions. Intangible assets are amortized on a straight line basis over their estimated useful lives. Amortization expense of intangibles is included in general and administrative expenses on the Consolidated Statements of Operations. The Company reviews intangible assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. |
Warrant Liability | Warrant Liability The Company accounts for warrants for the Company’s Class A Common Stock as liabilities at fair value within payables and other liabilities on the Consolidated Statements of Financial Condition because the warrants do not meet the criteria for classification within equity. The warrants are subject to remeasurement at each statement of financial condition date and any change in fair value is recognized within other, net in the Consolidated Statements of Operations. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants. |
Tax Receivable Agreement Obligation | Tax Receivable Agreement Obligation In connection with the Business Combination, concurrently with the Closing, the Company entered into Tax Receivable Agreements (“TRA”) with certain owners of FoA Equity prior to the Business Combination (the “TRA Parties”). The TRAs generally provide for the payment by the Company to the TRA Parties of 85% of the cash tax benefits, if any, that the Company is deemed to realize (calculated using certain simplifying assumptions) as a result of (i) tax basis adjustments as a result of sales and exchanges of units in connection with or following the Business Combination and certain distributions with respect to units, (ii) the Company’s utilization of certain tax attributes attributable to Blackstone Tactical Opportunities Associates—NQ L.L.C., a Delaware limited partnership, shareholders (“Blocker GP”), and (iii) certain other tax benefits related to entering into the TRAs, including tax benefits attributable to making payments under the TRAs. These tax basis adjustments generated over time may increase (for tax purposes) the depreciation and amortization deductions available to the Company and, therefore, may reduce the amount of U.S. federal, state and local tax that the Company would otherwise be required to pay in the future, although the IRS may challenge all or part of the validity of that tax basis, and a court could sustain such challenge. The tax basis adjustments upon sales or exchanges of units for shares of Class A Common Stock and certain distributions with respect to Class A LLC Units may also decrease gains (or increase losses) on future dispositions of certain assets to the extent tax basis is allocated to those assets. Actual tax benefits realized by the Company may differ from tax benefits calculated under the Tax Receivable Agreements as a result of the use of certain assumptions in the TRAs, including the use of an assumed weighted average state and local income tax rate to calculate tax benefits. The payments that FoA may make under the TRAs are expected to be substantial. The payments under the TRAs are not conditioned upon continued ownership of FoA or FoA Equity by the Continuing Unitholders. The Company accounts for the effects of these increases in tax basis and associated payments under the TRAs arising from exchanges in connection with the Business Combination as follows: • records an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange; • to the extent we estimate that the Company will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, our expectation of future earnings, the Company reduces the deferred tax asset with a valuation allowance; and • initial measurement of the obligations is at fair value on the acquisition date. Subsequently, the liability will be remeasured at fair value each reporting period, with any changes in fair value recognized through earnings. The Company records obligations under the TRAs resulting from future exchanges at the gross undiscounted amount of the expected future payments as an increase to the liability along with the deferred tax asset and valuation allowance (if any) with an offset to additional paid-in As of June 30, 2021 (Successor), the Company had a liability of $32.8 million related to its projected obligations under the TRA, which is included in deferred purchase price liabilities within payables and other liabilities on the Consolidated Statements of Financial Condition. |
Income Taxes | Income Taxes Prior to the Business Combination, a portion of the Company’s earnings were subject to certain U.S. Federal and foreign taxes. Subsequent to the Transaction, the portion of earnings allocable to the Registrant is subject to corporate level tax rates at the federal, state and local levels. Therefore, the amount of income taxes recorded prior to the Business Combination are not representative of the expenses expected in the future. The computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between the Company’s GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future interim periods may vary materially. The Company accounts for income taxes pursuant to the asset and liability method which requires it to recognize current tax liabilities or receivables for the amount of taxes it estimates are payable or refundable for the current year, deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The benefit of tax positions taken or expected to be taken in the Company’s income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents a potential future obligation to the taxing authority for a tax position that was not recognized. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable and are recognized as general and administrative expenses. |
Seller Earnout | Seller Earnout The equity owners of FoA Equity prior to the Closing are entitled to receive an earnout exchangeable for Class A Common Stock if, at any time during the six years following Closing, the volume weighted average price (the “VWAP”) of Class A Common Stock with respect to a trading day is greater than or equal to $12.50 for any 20 trading days within a consecutive 30-trading-day 30-trading-day The seller earnout is accounted for as contingent consideration and classified as equity. The seller earnout was measured at fair value upon the consummation of the Business Combination, the date of issuance, and will not be subsequently remeasured. The settlement of the seller earnout will be accounted for within equity, if and when, the First or Second Achievement Date occurs. |
Sponsor Earnout | Sponsor Earnout The Company classified the Sponsor Earnout Agreement as an equity transaction measured at fair value upon the consummation of the Business Combination, the date of issuance, and will not be subsequently remeasured. Additionally, the settlement of the Sponsor Earnout Agreement will be accounted for within equity, if and when the First or Second Earnout Achievement Date occurs. See Note 34—Sponsor Earnout for additional information . |
Noncontrolling Interest | Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A Common Stock ownership of the Company. Net (loss) income is reduced by the portion of net (loss) income that is attributable to noncontrolling interests as well as special allocations related to the Amended and Restated Long-Term Incentive Plan (“A&R MLTIP”) as defined in the FoA Equity LLC Agreement. |
Equity-Based Compensation | Equity-Based Compensation Equity-based compensation with service conditions made to employees is measured based on the grant date fair value of the awards and recognized as compensation expense over the period during which the recipient is required to perform services in exchange for the award (the requisite service period). The Company has elected to use a straight-line attribution method for recognizing compensation costs relating to awards that have service conditions only. Forfeitures are recorded as they occur. For equity-based compensation where there are market conditions as well as service conditions to vesting, the grant date fair value of the awards is recognized as compensation expense using the graded-vesting method over the requisite service period for each separately vesting tranche of the award as if they were multiple awards. |
Earnings Per Share | Earnings Per Share Basic net income per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding during the Successor period. Diluted net income per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share based compensation awards outstanding during the Successor period. For the Predecessor periods, FoA Equity’s capital structure consisted of a single class of outstanding membership units which were held by one member, UFG. Therefore, the Company omitted earnings per unit for the Predecessor periods presented due to the limited number of LLC unit holders. |
Reclassifications | Reclassifications Certain amounts from the prior period consolidated financial statements have been reclassified to conform to the current period financial presentation. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance Standard Description Effective Date Effect on Consolidated Financial Statements ASU 2016-13 2019-04, 2019-05, 2019-10, 2019-11, 2020-03, Requires use of the current expected credit loss model that is based on expected losses (net of expected recoveries), rather than incurred losses, to determine our allowance for credit losses on financial assets measured at amortized cost, certain net investments in leases and certain off-balance Replaces current accounting for purchased credit impaired (“PCI”) and impaired loans. Amends the other-than-temporary impairment model for available for sale debt securities. The new guidance requires that credit losses be recorded through an allowance approach, rather than through permanent write-downs for credit losses and subsequent accretion of positive changes through interest income over time. January 2020 The Company determined that certain servicer advances and other receivables, net of reserves included in other assets are within the scope of ASU 2016-13. 2016-13 ASU 2018-17 The amendments in this Update require that indirect interests held through related parties under common control be considered on a proportional basis when determining whether fees paid to decision makers or service providers are variable interests. These amendments align with the determination of whether a reporting entity within a related party group is the primary beneficiary of a VIE. January 2020 The Company adopted this guidance using the prospective method of adoption. Adoption of this standard did not have a material impact on the consolidated financial statements. ASU No. 2017-04, Historical guidance for goodwill impairment testing prescribed that the Company must compare each reporting unit’s carrying value to its fair value. If the carrying value exceeds fair value, an entity performs the second step, which assigns the reporting unit’s fair value to its assets and liabilities, including unrecognized assets and liabilities, in the same manner as required in purchase accounting and then records an impairment. This ASU eliminates the second step. Under the new guidance, an impairment of a reporting unit’s goodwill is determined based on the amount by which the reporting unit’s carrying value exceeds its fair value, limited to the amount of goodwill allocated to the reporting unit. January 2020 The Company adopted this guidance using the prospective method of adoption. Adoption of this standard did not have a material impact on the consolidated financial statements. Standard Description Effective Date Effect on Consolidated Financial Statements ASU 2018-13 The amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurements, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. Certain disclosure requirements were either removed, modified, or added. This guidance removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 fair value measurement methodologies, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. It also adds a requirement to for the disclosure of a) changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and b) the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. For certain unobservable inputs, entities may disclose other quantitative information in lieu of the weighted average if the other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. January 2020 The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. ASU 2018-15 350-40): The amendments in this Update align the requirements for capitalizing implementation costs incurred in a service-contract hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use internal-use January 2020 The Company adopted this guidance using the prospective method of adoption. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. ASU No. 2019-12, This amendment simplifies various aspects of the guidance on accounting for income taxes. January 2021 The Company adopted this guidance using the prospective method of adoption. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. |
Recently Issued Accounting Guidance, Not Yet Adopted | Recently Issued Accounting Guidance, Not Yet Adopted as of June 30, 2021 Standard Description Date of Planned Effect on Consolidated Financial Statements ASU 2020-04, ASU 2021-01, The amendments in this Update provide temporary optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Inter-Bank Offered Rate (“LIBOR”) or other interbank offered rates expected to be discontinued. In January 2021, TBD This ASU is effective from March 12, 2020 through December 31, 2022. If LIBOR ceases to exist or if the methods of calculating LIBOR change from the current methods for any reasons, interest rates on our floating rate loans, obligation derivatives, and other financial instruments tied to LIBOR rates, may be affected and need renegotiation with its lenders. The Company continues to assess the potential impact that the adoption of this ASU will have on the Company’s consolidated financial statements and related disclosures. ASU 2021-04, 470-50), 815-40): The amendments in this Update affect all entities that issue freestanding written call options that are classified in equity. Specifically, the amendments affect those entities when a freestanding equity-classified written call option is modified or exchanged and remains equity classified after the modification or exchange. The amendments that relate to the recognition and measurement of EPS for certain modifications or exchanges of freestanding equity-classified written call options affect entities that present EPS in accordance with the guidance in Topic 260, Earnings Per Share. January 2022 This ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The adoption of this standard is not expected to have any material impact on the Company’s consolidated financial statements as it currently does not apply. |
Variable Interest Entities an_2
Variable Interest Entities and Securitizations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of the Assets and Liabilities of the Company's Consolidated Variable Interest Entities | The following table presents the assets and liabilities of the Company’s consolidated VIEs, which are included in the Consolidated Statements of Financial Condition and excludes intercompany balances, except for retained bonds and beneficial interests (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor ASSETS Restricted cash $ 334,984 $ 293,580 Mortgage loans held for investment, subject to nonrecourse debt, at fair value 2021 FASST JR1 562,333 — 2021 FASST HB1 506,482 — 2019 FASST JR2 437,641 488,760 2020 FASST HB2 397,121 398,480 2018 FASST JR1 395,716 449,069 2019 FASST JR3 370,209 450,703 2020 FASST JR3 341,385 372,015 2019 FASST JR4 331,302 377,265 2020 FASST S3 313,728 316,774 2020 FASST JR2 312,160 341,439 2019 FASST JR1 295,605 331,244 2020 FASST S2 289,129 311,721 2021 RTL1 ANTLR 234,942 — 2018 FASST JR2 234,665 264,622 2020 FASST JR4 228,248 237,100 2020 FASST S1 173,955 189,243 2020 FASST JR1 — 263,266 2020 RTL1 ANTLR — 137,989 2018 RTL1 ANTLR — 82,393 2019 RTL1 ANTLR — 118,161 2020 FASST HB1 — 265,923 Other assets 76,056 79,528 TOTAL ASSETS $ 5,835,661 $ 5,769,275 LIABILITIES Nonrecourse debt, at fair value 2021 FASST HB1 $ 537,618 $ — 2021 FASST JR1 534,444 — 2020 FASST HB2 448,333 474,599 2019 FASST JR2 447,966 487,966 2018 FASST JR1 412,370 458,279 2019 FASST JR3 394,096 445,691 2020 FASST JR3 333,373 354,762 2019 FASST JR4 332,846 368,963 2019 FASST JR1 317,778 343,544 2020 FASST S2 302,253 314,144 2020 FASST S3 301,631 309,713 2020 FASST JR2 296,093 313,057 2021 RTL1 ANTLR 268,428 — 2018 FASST JR2 243,734 269,741 2020 FASST JR4 209,035 228,804 2020 FASST S1 178,704 191,189 2020 FASST JR1 — 250,988 2020 RTL1 ANTLR — 140,839 2018 RTL1 ANTLR — 80,767 2019 RTL1 ANTLR — 127,981 2020 FASST HB1 — 298,914 Payables and other liabilities 117 291 TOTAL VIE LIABILITIES 5,558,819 5,460,232 Retained bonds and beneficial interests eliminated in consolidation (198,099 ) (202,187 ) TOTAL CONSOLIDATED LIABILITIES $ 5,360,720 $ 5,258,045 |
Summary of the Outstanding Collateral and Certificate Balances for Securitization Trusts | The following table presents a summary of the outstanding collateral and certificate balances for securitization trusts for which the Company was the transferor and that were not consolidated by the Company: June 30, 2021 December 31, 2020 Successor Predecessor Unconsolidated Securitization Trusts: Total collateral balances – UPB $ 300,318 $— Total certificate balances $ 300,047 $— |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Summary of Assets Acquired and Liability Assumed in Conjunction with the Business Combination | The following table summarizes the provisional estimated fair value of consideration transferred, noncontrolling interest equity value, assets acquired and liabilities assumed in conjunction with the Business Combination (in thousands): Consideration transferred: Total cash consideration $ 342,270 Blocker rollover equity 221,811 Seller earnout contingent consideration (1) 160,272 Tax receivable agreement obligations to the seller 31,950 Total consideration transferred 756,303 Noncontrolling interest 1,658,545 Total equity value $ 2,414,848 Assets acquired: Cash and cash equivalents $ 336,075 Restricted cash 305,292 Reverse mortgage loans held for investment, subject to HMBS related obligations, at fair value 10,071,192 Mortgage loans held for investment, subject to nonrecourse debt, at fair value 5,291,443 Mortgage loans held for investment, at fair value 1,100,544 Mortgage loans held for sale, at fair value 2,140,361 Debt securities 9,230 Mortgage servicing rights, at fair value 267,364 Derivative assets 116,479 Fixed assets and leasehold improvements, net 26,079 Intangible assets, net (2) 717,700 Other assets, net 279,155 Total assets acquired $ 20,660,914 Liabilities assumed: HMBS related obligations, at fair value $ 9,926,131 Nonrecourse debt, at fair value 5,227,942 Other financing lines of credit 3,340,345 Payables and other liabilities 669,048 Notes payable, net 353,924 Total liabilities assumed $ 19,517,390 Net identifiable assets acquired 1,143,524 Goodwill (3) $ 1,271,324 (1) Represents the estimated fair market value of earnout shares issued to Sellers, which will be settled with shares of Class A Common Stock and is accounted for as equity classified contingent consideration. These estimated fair values are preliminary and subject to adjustments in subsequent periods. (2) Intangible assets were identified that met either the separability criterion or contractual legal criterion. The evaluations of the facts and circumstances available as of April 1, 2021, to assign provisional fair values to assets acquired and liabilities assumed are ongoing, including the assessments of the economic characteristics of intangible assets. These evaluations may result in changes to the provisional amounts recorded based on third-party valuations performed. The indefinite lived trade names and definite lived trade names intangible assets represent the values of all the Company’s trade names. The broker/customer relationships intangible asset represents the existing broker/customer relationships. |
Summary of Intangible Assets Acquired As Part of Business Combination | Identifiable intangible assets Provisional Fair value (in thousands) Provisional Useful life (in years) Indefinite lived trade names $ 178,000 N/A Definite lived trade names 8,800 10 Broker/customer relationships 530,900 8-15 Total $ 717,700 (3) Goodwill represents the excess of the gross consideration transferred over the provisional fair value of the underlying net tangible and identifiable intangible assets acquired. Goodwill represents future economic benefits arising from acquiring FoA Equity, primarily due to its strong market position and its assembled workforce that are not individually identified and separately recognized as intangible assets. Approximately 85.2 million of the goodwill recognized is expected to be deductible for income tax purposes. |
Summary of Business Acquisition Pro Forma Information | (in thousands) For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 Pro forma revenues $ 387,014 $ 454,249 $ 895,203 $ 639,377 Pro forma net income 19,672 100,413 111,055 7,121 Pro forma net income attributable to controlling interest 6,748 27,492 37,734 12,985 Pro forma net income (loss) attributable to noncontrolling interest 12,924 72,921 73,321 (5,864 ) |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Summary of the recognized assets and liabilities that are measured at fair value on a recurring basis | The following table provides a summary of the recognized assets and liabilities that are measured at fair value on a recurring basis (in thousands): June 30, 2021 Successor Total Fair Level 1 Level 2 Level 3 Assets Reverse mortgage loans held for investment, subject to HMBS related obligations $ 10,316,027 $ — $ — $ 10,316,027 Mortgage loans held for investment, subject to nonrecourse debt: Reverse mortgage loans 5,189,679 — — 5,189,679 Fix & flip mortgage loans 234,942 — — 234,942 Mortgage loans held for investment: Reverse mortgage loans 1,020,143 — — 1,020,143 Fix & flip mortgage loans 44,578 — — 44,578 Agricultural loans 160,369 — — 160,369 Mortgage loans held for sale: Residential mortgage loans 1,908,107 — 1,896,654 11,453 SRL 96,569 — — 96,569 Portfolio 52,866 — — 52,866 Mortgage servicing rights 290,938 — — 290,938 Investments 6,000 — — 6,000 Derivative assets: Forward commitments, TBAs, and Treasury Futures 1,187 32 319 836 IRLCs 34,647 — — 34,647 Forward MBS 996 — 996 — Interest rate swap futures 24,981 24,981 — — Other assets: Retained bonds 15,671 — — 15,671 Total assets $ 19,397,700 $ 25,013 $ 1,897,969 $ 17,474,718 Liabilities HMBS related obligation $ 10,168,224 $ — $ — $ 10,168,224 Nonrecourse debt: Nonrecourse debt in VIE trusts 5,360,603 — — 5,360,603 Nonrecourse MSR financing liability 65,129 — — 65,129 Deferred purchase price liabilities: Deferred purchase price liabilities 11,663 — — 11,663 TRA obligation 32,810 — — 32,810 Derivative liabilities: Forward MBS 4,364 — 4,364 — Forward commitments, TBAs, and Treasury Futures 1,176 31 34 1,111 Interest rate swap futures 13,789 13,789 — — Warrants 19,261 19,261 — — Total liabilities $ 15,677,019 $ 33,081 $ 4,398 $ 15,639,540 December 31, 2020 Predecessor Total Fair Level 1 Level 2 Level 3 Assets Reverse mortgage loans held for investment, subject to HMBS related obligations $ 9,929,163 $ — $ — $ 9,929,163 Mortgage loans held for investment, subject to nonrecourse debt: Reverse mortgage loans 5,057,624 — — 5,057,624 Fix & flip mortgage loans 338,543 — — 338,543 Mortgage loans held for investment: Reverse mortgage loans 661,790 — — 661,790 Agricultural loans 69,031 — — 69,031 Mortgage loans held for sale: Residential mortgage loans 2,080,585 — 2,069,957 10,628 SRL 60,467 — — 60,467 Portfolio 38,850 — — 38,850 Fix & flip mortgage loans 42,909 — — 42,909 Mortgage servicing rights 180,684 — — 180,684 Investments 18,934 — — 18,934 Derivative assets: Forward commitments and TBAs 1,806 — 722 1,084 IRLCs 87,576 — — 87,576 Interest rate swaps and interest rate swap futures 2,683 186 2,497 — Total assets $ 18,570,645 $ 186 $ 2,073,176 $ 16,497,283 Liabilities HMBS related obligation $ 9,788,668 $ — $ — $ 9,788,668 Nonrecourse debt: Nonrecourse debt in VIE trusts 5,257,754 — — 5,257,754 Nonrecourse MSR financing liability 14,088 — — 14,088 Deferred purchase price liabilities 3,842 — — 3,842 Derivative liabilities: Forward MBS 18,634 — 18,634 — Forward commitments and TBAs 1,332 — 248 1,084 Interest rate swaps and interest rate swap futures 755 186 569 — Total liabilities $ 15,085,073 $ 186 $ 19,451 $ 15,065,436 |
Fair value, assets measured on recurring basis, unobservable input reconciliation | Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3, in thousands): Successor Assets June 30, 2021 Mortgage Mortgage Mortgage Derivative Mortgage Retained Investments Beginning balance, April 1, 2021 $ 11,171,736 $ 5,291,444 $ 135,681 $ 38,574 $ 267,364 $ — $ 9,470 Total gain or losses included in earnings 153,690 80,408 1,816 (3,066 ) (26,536 ) 666 (3,470 ) Purchases, settlements and transfers: Purchases and additions, net 1,428,976 22,041 256,438 — 50,110 15,078 — Sales and settlements (615,958 ) (522,141 ) (275,956 ) (25 ) — (73 ) — Transfers in/(out) between categories (597,327 ) 552,869 42,909 — — — — Ending balance, June 30, 2021 $ 11,541,117 $ 5,424,621 $ 160,888 $ 35,483 $ 290,938 $ 15,671 $ 6,000 Predecessor Assets March 31, 2021 Mortgage Mortgage Mortgage Derivative Mortgage Investments Beginning balance, January 1, 2021 $ 10,659,984 $ 5,396,167 $ 152,854 $ 88,660 $ 180,684 $ 18,934 Total gain or losses included in earnings 132,499 (37,757 ) 2,764 (50,040 ) 20,349 (9,464 ) Purchases, settlements and transfers: Purchases and additions, net 1,143,109 21,064 175,551 — 74,978 — Sales and settlements (534,738 ) (360,128 ) (152,579 ) (46 ) (8,647 ) — Transfers in/(out) between categories (229,118 ) 272,098 (42,909 ) — — — Ending balance, March 31, 2021 $ 11,171,736 $ 5,291,444 $ 135,681 $ 38,574 $ 267,364 $ 9,470 Predecessor Assets December 31, 2020 Mortgage Mortgage Mortgage Derivative Mortgage Debt Investments Beginning balance, January 1, 2020 $ 10,894,577 $ 3,511,212 $ 182,973 $ 14,008 $ 2,600 $ 102,260 $ 20,508 Total gain or losses included in earnings 627,251 304,663 (2,158 ) 74,470 4,562 2,288 (5,512 ) Purchases, settlements and transfers: Purchases and additions, net 3,616,667 136,838 409,467 182 173,522 24,489 3,938 Sales and settlements (1,536,977 ) (1,285,902 ) (605,018 ) — — (129,037 ) — Transfers in/(out) between categories (2,941,534 ) 2,729,356 167,590 — — — — Ending balance, December 31, 2020 $ 10,659,984 $ 5,396,167 $ 152,854 $ 88,660 $ 180,684 $ — $ 18,934 |
Fair value, liabilities measured on recurring basis, unobservable input reconciliation | Successor Liabilities June 30, 2021 HMBS related Derivative Deferred Nonrecourse Nonrecourse TRA Beginning balance, April 1, 2021 $ (9,926,132 ) $ (936 ) $ (3,214 ) $ (5,205,892 ) $ (22,051 ) $ — Total gains or losses included in earnings (44,651 ) $ — (1,760 ) (32,601 ) 4,123 (860 ) Purchases, settlements and transfers: Purchases and additions, net (795,333 ) — (7,000 ) (796,376 ) (47,201 ) (31,950 ) Settlements 597,892 (175 ) 311 674,266 — — Ending balance, June 30, 2021 $ (10,168,224 ) $ (1,111 ) $ (11,663 ) $ (5,360,603 ) $ (65,129 ) $ (32,810 ) Predecessor Liabilities March 31, 2021 HMBS Derivative Deferred Nonrecourse Nonrecourse Beginning balance, January 1, 2021 $ (9,788,668 ) $ (1,084 ) $ (3,842 ) $ (5,257,754 ) $ (14,088 ) Total gain or losses included in earnings (41,434 ) $ — (29 ) (30,770 ) 390 Purchases, settlements and transfers: Purchases and additions, net (602,172 ) — — (575,668 ) (8,353 ) Sales and settlements 506,142 148 657 658,300 Ending balance, March 31, 2021 $ (9,926,132 ) $ (936 ) $ (3,214 ) $ (5,205,892 ) $ (22,051 ) |
Summary of the fair value and unpaid principal balance ("UPB") | Presented in the tables below are the fair value and unpaid principal balance (“UPB”) at June 30, 2021 (Successor) and December 31, 2020 (Predecessor), of assets and liabilities for which the Company has elected the fair value option (in thousands): Successor: June 30, 2021 Estimated Unpaid Principal Assets at fair value under the fair value option Reverse mortgage loans held for investment, subject to HMBS related obligations $ 10,316,027 $ 9,406,924 Mortgage loans held for investment, subject to nonrecourse debt: Reverse mortgage loans 5,189,680 4,615,128 Commercial mortgage loans 234,941 229,858 Mortgage loans held for investment: Reverse mortgage loans 1,020,143 879,794 Commercial mortgage loans 204,947 202,195 Mortgage loans held for sale: Residential mortgage loans 1,908,107 1,858,087 Commercial mortgage loans 149,435 144,789 Liabilities at fair value under the fair value option HMBS related obligations 10,168,224 9,406,924 Nonrecourse debt: Nonrecourse debt in VIE trusts 5,360,603 5,276,781 Nonrecourse MSR financing liability 65,129 65,129 Predecessor: December 31, 2020 Estimated Unpaid Principal Assets at fair value under the fair value option Reverse mortgage loans held for investment, subject to HMBS related obligations $ 9,929,163 $ 9,045,104 Mortgage loans held for investment, subject to nonrecourse debt: Reverse mortgage loans 5,057,624 4,457,805 Commercial mortgage loans 338,543 333,344 Mortgage loans held for investment: Reverse mortgage loans 661,790 589,429 Commercial mortgage loans 69,031 69,127 Mortgage loans held for sale: Residential mortgage loans 2,080,585 2,000,795 Commercial mortgage loans 142,226 140,693 Liabilities at fair value under the fair value option HMBS related obligations 9,788,668 9,045,104 Nonrecourse debt: Nonrecourse debt in VIE trusts 5,257,754 5,155,017 Nonrecourse MSR financing liability 14,088 14,088 |
Summary of the components of net fair value gains on mortgage loans and related obligations | Provided in the table below is a summary of the components of net fair value gains on mortgage loans and related obligations (in thousands): April 1, 2021 June 30, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Net fair value gains (losses) on mortgage loans and related obligations: Interest income on mortgage loans $ 173,940 $ 160,568 $ 217,841 $ 401,513 Change in fair value of mortgage loans 84,983 (51,346 ) 180,904 82,338 Change in fair value of mortgage backed securities — — (1,470 ) 817 Fair value gains on mortgage loans 258,923 109,222 397,275 484,668 Interest expense on related obligations (113,474 ) (119,201 ) (127,488 ) (261,845 ) Change in fair value of derivatives (46,478 ) 43,972 8,567 (5,743 ) Change in fair value of related obligations 32,180 42,670 (166,051 ) (91,397 ) Fair value losses on related obligations (127,772 ) (32,559 ) (284,972 ) (358,985 ) Net fair value gains on mortgage loans and related obligations $ 131,151 $ 76,663 $ 112,303 $ 125,683 |
Reverse Mortgage Loans Held for Investment, Subject to HMBS Related Obligations [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The following table presents the weighted average significant unobservable inputs used in the fair value measurement of reverse mortgage loans held for investment, subject to HMBS related obligations, for the periods indicated: June 30, 2021 December 31, 2020 Predecessor Successor Range of Input Weighted Average of Range of Input Weighted Average of Conditional repayment rate NM 20.3 % NM 20.0 % Loss frequency NM 4.3 % NM 4.4 % Loss severity 4.9% - 11.7% 5.2 % 5.1% - 13.3% 5.4 % Discount rate NM 1.9 % NM 1.6 % Average draw rate NM 1.1 % NM 1.1 % |
HECM Buyouts [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The following table presents the weighted average significant unobservable inputs used in the fair value measurement of nonperforming securitized HECM buyouts for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Conditional repayment rate NM 40.6 % NM 42.9 % Loss frequency 25.0% - 100.0% 52.5 % 25.0% - 100.0% 54.8 % Loss severity 4.9% - 11.7% 7.0 % 5.1% - 13.3% 7.5 % Discount rate NM 3.6 % NM 4.1 % |
HECM Buyouts Securitized [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The following table presents the weighted average significant unobservable inputs used in the fair value measurement of performing securitized HECM buyouts for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Weighted average remaining life in years NM 8.7 NM 8.5 Conditional repayment rate NM 13.7 % NM 14.7 % Loss severity 4.9% - 11.7% 8.6 % 5.1% - 13.3% 7.7 % Discount rate NM 3.4 % NM 3.5 % |
Non Agency Reverse Mortgage Securitized [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The following table presents the significant unobservable inputs used in the fair value measurements of non-agency June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Weighted-average remaining life in years NM 7.1 NM 6.9 Loan to value 0.1% - 75.7% 50.0 % 9.0% - 73.1% 48.2 % Conditional repayment rate NM 19.2 % NM 18.7 % Loss severity NM 10.0 % NM 10.0 % Home price appreciation 3.9% - 8.8% 5.9 % 1.1% - 8.9% 5.6 % Discount rate NM 3.7 % NM 3.6 % |
Fix And Flip Securitized Commercial Mortgage Loans [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The Company utilized the following weighted average assumptions in estimating the fair value of securitized Fix & Flip mortgage loans for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Prepayment rate (SMM) NM 15.3 % NM 17.1 % Discount rate 5.1% - 10.0% 5.1 % 6.7% - 10.0% 6.7 % Loss frequency 0.3% - 77.2% 0.7 % 0.2% - 44.0% 0.6 % |
Inventory Buyout [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The following table presents the weighted average significant unobservable inputs used in the fair value measurement of Inventory Buyouts classified as reverse mortgage loans held for investment for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Conditional repayment rate NM 45.8 % NM 44.0 % Loss frequency NM 53.6 % NM 46.9 % Loss severity NM 9.4 % NM 10.5 % Discount rate NM 3.6 % NM 4.1 % |
Non Agency Reverse Mortgage Loans [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The following table presents the weighted average significant unobservable inputs used in the fair value measurement of non-agency June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Weighted-average remaining life in years NM 8.0 NM 8.0 Loan to value 0.4% - 62.8% 44.6 % 0.1% - 62.1% 44.0 % Conditional repayment rate NM 16.9 % NM 16.8 % Loss severity NM 10.0 % NM 10.0 % Home price appreciation 3.9% - 8.8% 5.9 % 1.1% - 8.9% 5.5 % Discount rate NM 3.7 % NM 3.6 % |
Commercial Mortgage Agricultural Loans [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The Company utilized the following assumptions in estimating the fair value of agricultural loans for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Discount rate NM 4.7 % NM 6.4 % Prepayment rate (SMM) 10.0% - 100.0% 28.3 % 0% - 1.0% 0.7 % Default rate (CDR) NM 1.0 % 0% - 2.0% 0.4 % |
Commercial Mortgage Fix and Flip Loans [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The Company utilized the following weighted average assumptions in estimating the fair value of Fix & Flip mortgage loans for the periods indicated: June 30, 2021 Successor Range of Input Weighted Average of Prepayment rate (SMM) NM 12.5 % Discount rate NM 5.4 % Loss frequency NM 0.4 % |
Commercial Mortgage Single Rental Loans [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The Company utilized the following weighted average assumptions in estimating the fair value of SRL mortgage loans held for sale for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Prepayment rate (CPR) 1.0% - 17.0% 14.0 % 1.0% - 17.1% 15.4 % Discount rate NM 3.3 % NM 5.0 % Default rate (CDR) 1.0% - 54.0% 2.4 % 1.0% - 64.9% 3.6 % |
Commercial Mortgage Portfolio Lending [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The Company utilized the following weighted average assumptions in estimating the fair value of Portfolio mortgage loans held for sale for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average of Range of Input Weighted Average of Prepayment rate (CPR) 0.0% - 14.8% 8.1 % 0% - 15.0% 9.3 % Discount rate NM 3.8 % NM 4.9 % Default rate (CDR) 1.0% - 27.1% 1.7 % 1.0% - 42.7% 2.0 % |
Fix And Flip Loans [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The Company utilized the following weighted average assumptions in estimating the fair value of fix & flip mortgage loans for the periods indicated: December 31, 2020 Predecessor Range of Input Weighted Average Prepayment rate (SMM) NM 12.4 % Discount rate 6.7% - 10.0% 7.2 % Loss frequency NM 0.8 % |
Mortgage Servicing Rights [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The following tables summarize certain information regarding the servicing portfolio of retained MSRs for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Capitalization servicing rate 1.0 % 0.8 % Capitalization servicing multiple 3.8 3.2 Weighted-average servicing fee (in basis points) 25 25 The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates): June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average Range of Input Weighted Average Weighted average prepayment speed (CPR) 5.7% - 19.9% 10.1 % 6.6% - 24.9% 12.1 % Discount rate NM 10.4 % NM 12.1 % Weighted average delinquency rate 1.2% - 9.1% 1.3 % 1.2% - 9.2% 1.3 % The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions (in thousands): June 30, 2021 Successor Weighted Average Discount Weighted Average Impact on fair value of 10% adverse change $ (10,734 ) $ (10,921 ) $ (138 ) Impact on fair value of 20% adverse change (20,763 ) (21,093 ) (348 ) |
HMBS Related Obligations [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The following table presents the weighted average significant unobservable inputs used in the fair value measurement of HMBS related obligations for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average Range of Input Weighted Average Conditional repayment rate NM 20.2 % NM 19.9 % Discount rate NM 1.7 % NM 1.4 % |
Reverse Mortgage Loans [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The following table presents the weighted average significant unobservable inputs used in the fair value measurements of nonrecourse debt for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Range of Input Weighted Performing/Nonperforming HECM securitizations Weighted-average remaining life (in years) 0.6 - 1.2 0.9 0.2 - 1.5 1.0 Conditional repayment rate 19.6% - 29.1% 23.9 % 34.3% - 56.3% 42.8 % Discount rate NM 2.1 % NM 3.1 % Securitized Non-Agency Weighted-average remaining life (in years) 1.3 - 2.1 1.9 0.3 - 2.7 2.1 Conditional repayment rate 20.6% - 31.2% 25.6 % 19.6% - 35.8% 23.9 % Discount rate NM 2.0 % NM 2.2 % |
Commercial Mortgage Loans [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The following table presents the significant unobservable inputs used in the fair value measurements of nonrecourse debt for the periods indicated: June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Range of Input Weighted Nonrecourse debt Weighted-average remaining life (in months) NM 3.8 1.9 3.4 Weighted-average prepayment speed (SMM) NM 17.1 % 17.7% - 32.0% 21.4 % Discount rate NM 2.5 % NM 5.8 % |
Non Recourse MSR Financing Liability [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | The significant assumptions used in estimating the fair value of the outstanding nonrecourse MSR financing liability were as follows (in annual rates): June 30, 2021 December 31, 2020 Successor Predecessor Range of Input Weighted Average Range of Weighted Average Weighted average prepayment speed (CPR) 6.0% - 16.0% 9.2 % 6.9% - 12.7% 11.6 % Discount rate 10.9% - 11.0% 11.0 % 11.7% - 12.0% 12.0 % Weighted average delinquency rate NM 1.0 % NM 1.8 % The following table summarizes the estimated change in the fair value of the nonrecourse MSR financing liability, at fair value from adverse changes in the significant assumptions (in thousands): June 30, 2021 Successor Weighted Discount Weighted Impact on fair value of 10% adverse change $ (1,231 ) $ (2,112 ) $ (23 ) Impact on fair value of 20% adverse change (2,889 ) (4,552 ) (58 ) |
Reverse Mortgages Portfolio C_2
Reverse Mortgages Portfolio Composition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Reverse Mortgages Portfolio Composition [Abstract] | |
Summary of the Company's Serviced Reverse Mortgage Portfolio Composition and the Remaining UPBs of the Reverse Mortgage Loan Portfolio | The table below summarizes the Company’s serviced reverse mortgage portfolio composition and the remaining UPBs of the reverse mortgage loan portfolio (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Reverse mortgage loans: Reverse mortgage loans held for investment, subject to HMBS related obligations $ 9,406,924 $ 9,045,104 Reverse mortgage loans held for investment: Non-agency 536,739 215,688 Loans not securitized (1) 254,004 168,292 Unpoolable loans (2) 80,487 197,395 Unpoolable tails 8,564 8,054 Total reverse mortgage loans held for investment 879,794 589,429 Reverse mortgage loans held for investment, subject to nonrecourse debt: Performing HECM buyouts 276,177 141,691 Nonperforming HECM buyouts 634,342 538,768 Non-agency 3,704,609 3,777,346 Total reverse mortgage loans held for investment, subject to nonrecourse debt 4,615,128 4,457,805 Total owned reverse mortgage portfolio 14,901,846 14,092,338 Loans reclassified as government guaranteed receivable 49,813 49,255 Loans serviced for others 18,099 123,324 Total serviced reverse mortgage loan portfolio $ 14,969,758 $ 14,264,917 (1) Loans not securitized represent primarily newly originated loans. (2) Unpoolable loans represent primarily loans that have reached 98% of their MCA. |
Summarizes the Owned Reverse Mortgage Portfolio by Product Type | The table below summarizes the owned reverse mortgage portfolio by product type (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Fixed rate loans $ 5,181,814 $ 5,010,659 Adjustable rate loans 9,720,032 9,081,679 Total owned reverse mortgage portfolio $ 14,901,846 $ 14,092,338 |
Reverse Mortgage Loans Held f_2
Reverse Mortgage Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Reverse Mortgage Loans Held For Investment Subject To HMBS Related Obligations At Fair Value [Abstract] | |
Schedule of reverse mortgage loans held for investment subject to HMBS related obligations, fair value | Reverse mortgage loans held for investment, subject to HMBS related obligations, at fair value, consisted of the following for the dates indicated (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Reverse mortgage loans held for investment, subject to HMBS related obligations—UPB $ 9,406,924 $ 9,045,104 Fair value adjustments 909,103 884,059 Total reverse mortgage loans held for investment, subject to HMBS related obligations, at fair value $ 10,316,027 $ 9,929,163 |
Mortgage Loans Held for Inves_3
Mortgage Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Mortgage Loans Held For Investment Subject To Nonrecourse Debt At Fair Value [Abstract] | |
Schedule of mortgage loans held for investment subject to nonrecourse debt at fair value | Mortgage loans held for investment, subject to nonrecourse debt, at fair value, consisted of the following for the dates indicated (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Mortgage loans held for investment, subject to nonrecourse debt—UPB: Reverse mortgage loans $ 4,615,128 $ 4,457,805 Commercial mortgage loans 229,858 333,344 Fair value adjustments 579,635 605,018 Total mortgage loans held for investment, subject to nonrecourse debt, at fair value $ 5,424,621 $ 5,396,167 |
Schedule of mortgage loans held for investment, subject to nonrecourse debt 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 investment, subject to nonrecourse debt that were greater than 90 days past due and on non-accrual June 30, 2021 December 31, 2020 Successor Predecessor Loans 90 days or more past due and on non-accrual Mortgage loans held for investment: Fair value: Commercial mortgage loans $ 33,764 $ 32,377 Total fair value 33,764 32,377 Aggregate UPB: Commercial mortgage loans $ 34,159 33,888 Total aggregate UPB 34,159 33,888 Difference $ (395 ) $ (1,511 ) |
Mortgage Loans Held for Inves_4
Mortgage Loans Held for Investment, at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Mortgage Loans Held for Investment At Fair Value [Abstract] | |
Schedule of mortgage loans held for investment at fair value | Mortgage loans held for investment, at fair value, consisted of the following for the dates indicated (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Mortgage loans held for investment—UPB: Reverse mortgage loans $ 879,794 $ 589,429 Commercial mortgage loans 202,195 69,127 Fair value adjustments 143,101 72,265 Total mortgage loans held for investment, at fair value $ 1,225,090 $ 730,821 |
Mortgage Loans Held for Sale,_2
Mortgage Loans Held for Sale, at Fair Value (Tables) | 6 Months Ended |
Jun. 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): June 30, 2021 December 31, 2020 Successor Predecessor Mortgage loans held for sale—UPB: Residential mortgage loans $ 1,858,087 $ 2,000,795 Commercial mortgage loans 144,789 140,693 Fair value adjustments 54,666 81,323 Total mortgage loans held for sale, at fair value $ 2,057,542 $ 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 June 30, 2021 December 31, 2020 Successor Predecessor Loans 90 days or more past due and on non-accrual Mortgage loans held for sale: Fair value: Residential mortgage loans $ 11,453 $ 10,628 Commercial mortgage loans 3,203 5,051 Total fair value 14,656 15,679 Aggregate UPB: Residential mortgage loans 12,594 13,236 Commercial mortgage loans 3,360 5,317 Total aggregate UPB 15,954 18,553 Difference $ (1,298 ) $ (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): April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Cash flows: Sales proceeds $ 5,181,557 $ 6,387,933 $ 2,631,554 $ 2,868,960 Fair value of retained beneficial interest (1) 49,308 66,400 43,500 44,855 Gross servicing fees received 14,278 13,877 1,544 1,824 Repurchases (6,818 ) (4,144 ) (3,380 ) (8,547 ) Gain 197,129 284,948 282,424 291,671 (1) Fair value of retained beneficial interest includes retained servicing rights and other beneficial interests retained as of the statement of financial condition date. |
Mortgage Servicing Rights, at_2
Mortgage Servicing Rights, at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Summary of servicing portfolio and its activities | The servicing portfolio associated with capitalized servicing rights consists of the following (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Fannie Mae/Freddie Mac $ 29,705,985 $ 20,501,504 Ginnie Mae 553,800 1,727,831 Private investors 332,402 40,027 Total UPB $ 30,592,187 $ 22,269,362 Weighted average interest rate 3.0 % 3.1 % The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands): April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Beginning UPB $ 26,675,358 $ 22,269,362 $ 402,852 $ 288,057 Originated MSR 5,139,859 6,312,227 6,849,850 6,986,237 Purchased MSR 5,537 866,806 — — Payoffs, sales and curtailments (1,228,567 ) (2,773,037 ) (40,859 ) (62,451 ) Ending UPB $ 30,592,187 $ 26,675,358 $ 7,211,843 $ 7,211,843 The activity in the mortgage servicing rights asset consisted of the following (in thousands): April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Beginning balance $ 267,364 $ 180,684 3,119 $ 2,600 Originations 50,049 65,964 43,561 44,855 Purchases 61 9,014 — — Sales — (8,647 ) — — Changes in fair value due to: Changes in market inputs or assumptions used in valuation model (16,051 ) 35,109 (2,749 ) (3,424 ) Changes in fair value due to portfolio runoff and other (10,485 ) (14,760 ) (1,247 ) (1,347 ) Ending balance $ 290,938 $ 267,364 $ 42,684 $ 42,684 |
Summary of Information regarding loan servicing portfolio delinquencies percentages and unpaid balance | The following table provides a summary of the loan servicing portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio: June 30, 2021 December 31, 2020 Successor Predecessor Number of Unpaid Number of Unpaid Portfolio delinquency 30 days 0.4 % 0.4 % 0.5 % 0.5 % 60 days 0.0 % 0.0 % 0.1 % 0.1 % 90 or more days 0.1 % 0.1 % 0.2 % 0.1 % Total 0.5 % 0.5 % 0.8 % 0.7 % Foreclosure/real estate owned 0.0 % 0.0 % 0.0 % 0.0 % |
Derivative and Risk Managemen_2
Derivative and Risk Management Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of derivative instruments | The following tables summarize the amounts recorded in derivative assets and payables and other liabilities, related to derivative liabilities, in the Consolidated Statements of Financial Condition for the periods indicated (in thousands): June 30, 2021 Successor Derivative assets Derivative liabilities Fair Notional Unrealized Fair Notional Unrealized Interest rate lock commitments $ 34,647 $ 2,539,030 $ (52,929 ) $ — $ — $ — Forward commitments, TBAs securities, and treasury futures 1,187 895,807 (619 ) 1,176 954,493 156 Interest rate swaps and futures contracts 24,981 4,616,698 22,298 13,789 1,082,600 (13,034 ) Forward MBS 996 802,500 996 4,364 1,988,500 14,271 Net fair value of derivative financial instruments $ 61,811 $ 8,854,035 $ (30,254 ) $ 19,329 $ 4,025,593 $ 1,393 December 31, 2020 Predecessor Derivative assets Derivative liabilities Fair Notional Unrealized Fair Notional Unrealized Interest rate lock commitments $ 87,576 $ 2,897,479 $ 73,568 $ — $ 13,822 $ 68 Forward commitments, TBAs securities, and treasury futures 1,806 399,612 968 1,332 389,422 (1,248 ) Interest rate swaps and futures contracts 2,683 1,386,400 2,324 755 744,500 (617 ) Forward MBS — — (348 ) 18,635 3,187,000 (16,587 ) Net fair value of derivative financial instruments $ 92,065 $ 4,683,491 $ 76,512 $ 20,722 $ 4,334,744 $ (18,384 ) |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of goodwill | Goodwill consisted of the following (in thousands): April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Beginning balance $ — $ 121,233 $ 121,137 $ 121,137 Additions from acquisitions 1,298,324 7,517 617 617 Ending balance $ 1,298,324 $ 128,750 $ 121,754 $ 121,754 |
Summary of goodwill allocated to each reporting unit consisted | The amount of goodwill allocated to each reporting unit consisted of the following (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Reporting units: Mortgage Originations $ 711,306 $ 44,429 Reverse Originations 404,441 — Commercial Originations 75,350 43,113 Lender Services 100,128 25,247 Portfolio Management 7,099 8,444 Total goodwill $ 1,298,324 $ 121,233 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Summary of intangible assets | Intangible assets, net, consisted of the following (in thousands): June 30, 2021 Amortization Cost Accumulated Net Successor: Non-amortizing Trade name N/A $ 178,000 $ — $ 178,000 Total non-amortizing $ 178,000 $ — $ 178,000 Amortizing Intangibles Broker/customer relationships 8 - 15 $ 530,900 $ (13,237 ) $ 517,663 Trade names 10 8,800 (220 ) 8,580 Total amortizing intangibles $ 539,700 $ (13,457 ) $ 526,243 Total intangibles $ 717,700 $ (13,457 ) $ 704,243 December 31, 2020 Amortization Cost Accumulated Net Predecessor: Non-amortizing Domain name N/A $ 5,422 $ — $ 5,422 Total non-amortizing $ 5,422 $ — $ 5,422 Amortizing Intangibles Customer list 5 - 12 $ 12,754 $ (5,100 ) $ 7,654 Broker relationships 10 7,627 (5,429 ) 2,198 Trade names 5 - 20 2,495 (1,487 ) 1,008 Technology assets 5 805 (156 ) 649 Total amortizing intangibles $ 23,681 $ (12,172 ) $ 11,509 Total intangibles $ 29,103 $ (12,172 ) $ 16,931 |
Summary of estimated amortization expense | The estimated amortization expense for each of the five succeeding fiscal years and thereafter as of June 30, 2021 (Successor) is as follows (in thousands): Year Ending December 31, Amount 2021 $ 26,914 2022 53,828 2023 53,828 2024 53,828 2025 53,828 Thereafter 284,017 Total future amortization expense $ 526,243 |
Other Assets, Net (Tables)
Other Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Assets [Abstract] | |
Summary of other assets net | Other assets, net, consisted of the following (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Right-of-use $ 62,835 $ 46,609 Government guaranteed receivables 48,087 46,481 Receivables, net of allowance of $1,452 and $788, respectively 48,666 67,011 Loan subject to repurchase from GNMA 30,027 42,148 Prepaid expenses 26,070 17,536 Retained bonds 15,671 — Investments, at fair value 6,554 18,934 Servicer advances, net of allowance of $2,002 and $1,661, respectively 6,318 5,795 Deposits 2,438 14,188 Receivable from clearing organization 2,041 2,043 Other 51,546 39,887 Total other assets, net $ 300,253 $ 300,632 |
HMBS Related Obligations, at _2
HMBS Related Obligations, at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Home Equity Conversion Mortgage Backed Security Related Obligations At Fair Value [Abstract] | |
Summary of HMBS related obligations, at fair value | HMBS related obligations, at fair value, consisted of the following (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor GNMA loan pools—UPB $ 9,406,924 $ 9,045,104 Fair value adjustments 761,300 743,564 Total HMBS related obligations, at fair value $ 10,168,224 $ 9,788,668 Weighted average remaining life 4.4 4.5 Weighted average interest rate 2.6 % 3.0 % |
Nonrecourse Debt, at Fair Value
Nonrecourse Debt, at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Instruments [Abstract] | |
Summary of nonrecourse debt at fair value | Nonrecourse debt, at fair value, consisted of the following (in thousands): Issue Date Class of Note Final Interest Rate Original June 30, December 31, Successor Predecessor Securitization of nonperforming HECM loans: 2021 FASST HB1 February 2021 A, M1, M2, M3, M4, M5 February 2031 0.9%—9.0% $ 571,448 $ 537,299 $ — 2020 FASST HB2 July 2020 A, M1, M2, M3, M4, M5 July 2030 1.71%—7.75% 594,171 446,413 476,147 2020 FASST HB1 February 2020 A, M1, M2, M3, M4, M5 February 2030 2.0%—6.0% 373,912 — 298,883 Securitization of non-agency 2021 FASST JR 1 April 2021 A1, A2 April 2026 1.5%—2.0% 562,512 512,794 — 2019 FASST JR2 June 2019 A, A2 June 2069 2.0% 499,000 406,709 440,141 2018 FASST JR1 May 2018 A May 2068 4.3% 559,197 386,548 428,671 2019 FASST JR3 September 2019 A September 2069 2.0% 450,104 359,772 404,057 2020 FASST JR3 August 2020 A, A2 August 2025 2.0%—3.0% 360,713 315,570 337,099 2019 FASST JR4 November 2019 A November 2069 2.0% 365,685 305,097 335,945 2019 FASST JR1 March 2019 A March 2069 2.0% 347,000 288,654 309,840 2020 FASST S3 December 2020 A1, A2 December 2025 1.5%—2.5% 313,357 288,383 297,871 2020 FASST S2 June 2020 A1, A2 March 2025 2.0% 320,460 286,734 299,401 2020 FASST JR2 May 2020 A1A, A1B, A2 May 2023 0.0%—2.0% 305,658 277,694 291,827 2018 FASST JR2 December 2018 A December 2068 4.5% 280,400 229,872 253,325 2020 FASST JR4 October 2020 A, A2 August 2025 2.0%—3.0% 241,664 197,970 217,385 2020 FASST S1 March 2020 A1, A2 March 2025 2.0%—3.7% 199,000 168,761 181,059 2020 FASST JR1 April 2020 A, A2 April 2023 2.0% 254,805 — 240,563 Issue Date Class of Note Final Interest Rate Original June 30, December 31, Successor Predecessor Securitization of Fix & Flip loans: 2021 RTL1 ANTLR April 2021 A1, A2, M November 2024 (A1); January 2025 (A2); May 2025 (M) 2.1%—5.4% 268,511 268,511 — 2020 RTL1 ANTLR May 2020 A1, A2 May 2022 (A1, A2) 6.9%—8.0% 306,517 — 140,072 2018 RTL1 ANTLR September 2018 A1, A2, A-VFN, July 2022 (A1, A2); March 2023 (M) 4.3%—7.4% 210,296 — 80,949 2019 RTL1 ANTLR March 2019 A1, A2, A-VFN, M June 2022 (A1, A2); January 2023 (M) 4.5%—6.9% 217,100 — 121,772 Total nonrecourse debt 5,276,781 5,155,007 Nonrecourse MSR financing liability, at fair value 65,129 14,088 Fair value adjustments 83,822 102,747 Total nonrecourse debt, at fair value $ 5,425,732 $ 5,271,842 |
Other Financing Lines of Cred_2
Other Financing Lines of Credit (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Financing Lines Of Credit [Abstract] | |
Summary of components of other financing lines of credit | The following summarizes the components of other financing lines of credit (dollars in thousands): Outstanding Borrowings at June 30, December 31, Facility Maturity Date Interest Rate Collateral Total (1) Successor Predecessor Mortgage Lines: March 2022 $300M Facility March 2022 LIBOR + applicable margin First Lien Mortgages $ 300,000 $ 192,417 $ 182,015 March 2022 $200M Facility March 2022 LIBOR + applicable margin N/A 200,000 189,464 302,877 May 2022 $200M Facility May 2022 LIBOR + applicable margin First Lien Mortgages 200,000 189,050 109,463 February 2022 $300M Facility February 2022 LIBOR + applicable margin First Lien Mortgages 300,000 186,754 — July 2021 $200M Facility (2) July 2021 LIBOR + applicable margin First Lien Mortgages 200,000 167,207 122,075 October 2021 $200M Facility October 2021 LIBOR + applicable margin First Lien Mortgages 200,000 166,564 158,114 March 2022 $225M Facility March 2022 LIBOR + applicable margin First Lien Mortgages 225,000 163,678 154,097 March 2022 $200M Facility March 2022 LIBOR + applicable margin First Lien Mortgages 200,000 155,468 97,225 March 2026 $150M Facility - MSR March 2026 LIBOR + applicable margin MSRs 150,000 125,113 — April 2022 $250M Facility April 2022 LIBOR + applicable margin First Lien Mortgages 250,000 122,412 225,837 May 2022 $350M Facility May 2022 LIBOR + applicable margin First Lien Mortgages 350,000 102,332 283,821 October 2021 $250M Facility October 2021 LIBOR + applicable margin First Lien Mortgages 250,000 65,541 170,174 August 2021 $200M Facility August 2021 LIBOR + applicable margin First Lien Mortgages 200,000 59,663 126,047 August 2021 $300M Facility (2) August 2021 LIBOR + applicable margin First Lien Mortgages 300,000 40,562 15,719 Securities Repo Line N/A LIBOR + applicable margin Mortgage 13,951 13,951 — February 2021 $50M Facility - MSR (3) February 2021 Prime + 5.00% floor MSRs 50,000 — 50,000 June 2023 $300M Facility June 2023 LIBOR + applicable margin First Lien Mortgages 300,000 — — Subtotal mortgage lines of credit $ 3,688,951 $ 1,940,176 $ 1,997,464 Reverse Lines: October 2021 $400M Facility October 2021 LIBOR + applicable margin First Lien Mortgages $ 400,000 $ 257,257 $ 84,124 April 2022 $250M Facility April 2022 LIBOR + applicable margin First Lien Mortgages 250,000 214,245 173,484 $200M Repo Facility N/A Bond accrual rate Mortgage 200,000 176,549 174,578 February 2024 $90M Facility February 2024 LIBOR + applicable margin MSRs 90,000 89,497 — December 2021 $100M Facility December 2021 LIBOR + applicable margin First Lien Mortgages 100,000 89,226 61,220 March 2022 $100M Facility March 2022 LIBOR + applicable margin First Lien Mortgages 100,000 87,936 15,803 Outstanding Borrowings at June 30, December 31, Facility Maturity Date Interest Rate Collateral Total (1) Successor Predecessor June 2022 $75M Facility June 2022 LIBOR + applicable margin First Lien Mortgages 75,000 72,479 11,423 April 2022 $52.5M Facility April 2022 LIBOR + applicable margin Mortgage 52,500 52,500 50,239 April 2022 $50M Facility April 2022 Prime + Unsecuritized Tails 50,000 38,757 37,442 April 2022 $45M Facility April 2022 9.00% Mortgage 45,000 28,220 26,875 June 2022 $200M Facility (2) June 2022 LIBOR + applicable margin First Lien Mortgages 200,000 26,883 128,723 August 2021 $50M Facility August 2021 LIBOR + applicable margin First Lien Mortgages 50,000 24,329 2,860 $1.2M Repo Facility N/A LIBOR + applicable margin Mortgage 1,215 1,215 1,188 Subtotal reverse lines of credit $ 1,613,715 $ 1,159,093 $ 767,959 Commercial Lines: September 2022 $150M Facility September 2022 LIBOR + applicable margin Encumbered $ 150,000 $ 112,229 $ 52,300 April 2023 $145M Facility April 2023 LIBOR + applicable margin First Lien Mortgages 145,000 86,055 100,070 February 2022 $150M Facility February 2022 LIBOR + applicable margin First Lien Mortgages 150,000 33,768 — November 2023 $65M Facility November 2023 LIBOR + applicable margin First Lien Mortgages 65,000 30,528 28,064 August 2022 $75M August 2022 2.50% - 3.25% Encumbered 75,000 24,746 — August 202 2 August 2022 10.00% Second Lien Mortgages 25,000 20,900 21,475 $4M Securities Repo Line N/A LIBOR + applicable margin Mortgage 4,024 4,024 — February 2022 $150M Facility February 2022 LIBOR + applicable margin First Lien Mortgages 150,000 715 — $2M Securities Repo Line N/A Distributed Bond Interest + 50 bps Mortgage — — 6,411 Subtotal commercial lines of credit $ 764,024 $ 312,965 $ 208,320 Total other financing lines of credit $ 6,066,690 $ 3,412,234 $ 2,973,743 (1) Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements. Capacity amounts presented are as of June 30, 2021. (2) See Note 36 - Subsequent Events for additional information on facility amendments. (3) The February 2021 $50M facility - MSR was paid off and terminated in February 2021. |
Summary of maximum allowable distributions available to the Company based on the most restrictive of such financial covenant ratios | As of June 30, 2021 (Successor), the maximum allowable distributions available to the Company based on the most restrictive of such financial covenant ratios is presented in the table below (in thousands, except for ratios): Successor Financial Covenants Requirement June 30, 2021 Maximum Allowable (1) FAM Adjusted Tangible Net Worth $ 150,000 $ 191,383 $ 41,383 Liquidity 40,000 60,697 20,697 Leverage Ratio 15:1 13.3:1 21,591 Material Decline in Lender Adjusted Net Worth: Lender Adjusted Tangible Net Worth (Quarterly requirement) $ 294,790 $ 191,383 $ (103,406 ) Lender Adjusted Tangible Net Worth (Two-Consecutive 215,803 191,383 (24,419 ) FACo Adjusted Tangible Net Worth $ 85,000 $ 93,411 $ 8,411 Liquidity 20,000 28,579 8,579 Leverage Ratio 6:1 3.6:1 37,192 FAR Adjusted Tangible Net Worth $ 398,288 $ 449,271 $ 50,983 Liquidity 20,000 25,120 5,120 Leverage Ratio 6:1 3.6:1 180,788 Material Decline in Lender Adjusted Net Worth: Lender Adjusted Tangible Net Worth (Quarterly requirement) $ 302,921 $ 448,047 $ 145,126 Lender Adjusted Tangible Net Worth (Two-Consecutive 354,344 448,047 93,703 As of December 31, 2020 (Predecessor), the maximum allowable distributions available to the Company based on the most restrictive of such financial covenant ratios is presented in the table below (in thousands, except for ratios): Predecessor Financial Covenants Requirement December 31, 2020 Maximum Allowable (1) FAM Adjusted Tangible Net Worth $ 125,000 $ 289,163 $ 164,163 Liquidity 40,000 56,775 16,775 Leverage Ratio 15:1 9.3:1 110,267 Material Decline in Lender Adjusted Net Worth: Lender Adjusted Tangible Net Worth (Quarterly requirement) $ 210,428 $ 282,062 $ 71,634 Lender Adjusted Tangible Net Worth (Two-Consecutive 93,763 282,062 188,299 FACo Adjusted Tangible Net Worth $ 85,000 $ 126,672 $ 41,672 Liquidity 20,000 46,385 26,385 Leverage Ratio 6:1 1.7:1 90,782 FAR Adjusted Tangible Net Worth $ 300,000 $ 474,128 $ 174,128 Liquidity 20,000 36,425 16,425 Leverage Ratio 5.5:1 2.5:1 258,615 Material Decline in Lender Adjusted Net Worth: Lender Adjusted Tangible Net Worth (Quarterly requirement) $ 314,091 $ 472,458 $ 158,367 Lender Adjusted Tangible Net Worth (Two-Consecutive 205,619 472,458 266,839 (1) The Maximum Allowable Distribution for any of the originations subsidiaries is the lowest of the amounts shown for the particular originations subsidiary. |
Payables and Other Liabilities
Payables and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of payables and other liabilities | Payables and other liabilities consisted of the following (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Accrued compensation expense $ 131,831 $ 150,214 Accrued liabilities 97,902 83,427 Lease liabilities 64,496 48,250 Deferred tax liability, net 28,455 — GNMA reverse mortgage buy-out 32,607 32,317 Liability for loans eligible for repurchase from GNMA 30,027 42,148 Derivative liabilities 19,329 20,722 Warrant liability 19,261 — Estimate of claim losses 11,839 8,609 Deferred purchase price liabilities 44,473 3,842 Repurchase reserves 8,515 10,529 Total payables and other liabilities $ 488,735 $ 400,058 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Lessee Disclosure [Abstract] | |
Schedule of operating lease portfolio | The table below summarizes the Company’s operating lease portfolio (in thousands): June 30, 2021 December 31, 2020 Successor Predecessor Right-of-use $ 62,835 $ 46,609 Lease liabilities $ 64,496 $ 48,250 Weighted-average remaining lease term (in years) 6.61 3.61 Weighted-average discount rate 7.08 % 7.42 % |
Schedule of net operating lease cost | The table below summarizes the Company’s net operating lease cost: April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Operating lease cost $ 5,591 $ 5,490 $ 7,046 $ 13,658 Short-term lease cost 888 1,035 (593 ) 1,438 Total operating and short term lease cost 6,479 6,525 6,453 15,096 Variable lease cost 1,997 1,808 718 1,422 Sublease income (516 ) (464 ) (574 ) (1,270 ) Net lease cost $ 7,960 $ 7,869 $ 6,597 $ 15,248 |
Schedule of other information related to the operating leases | The table below summarizes other information related to the Company’s operating leases: April 1, 2021 January 1, 2021 March 31, 2021 For the three For the Successor Predecessor Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,291 $ 5,423 $ 6,255 $ 12,540 Leased assets obtained in exchange for new operating lease liabilities 22,752 701 1,134 4,598 |
Schedule of maturity analysis of operating leases and a reconciliation of the undiscounted cash flows to lease liabilities | The following table presents a maturity analysis of operating leases and a reconciliation of the undiscounted cash flows to lease liabilities as of June 30, 2021 (Successor): 2021 $ 10,083 2022 16,846 2023 13,104 2024 9,025 2025 6,045 2026 3,585 Thereafter 24,742 Total undiscounted lease payments 83,430 Less: amounts representing interest (18,934 ) Total lease liabilities $ 64,496 |
Notes Payable, Net (Tables)
Notes Payable, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Payable [Abstract] | |
Schedule of the outstanding notes payable | A summary of the outstanding notes payable, net, is presented in the table below (in thousands): Description Maturity Date Interest June 30, December 31, Successor Predecessor Senior Unsecured Notes November 2025 7.9 % $ 350,000 $ 350,000 Financing Agreement January 2021 5.5 % — 9 Total aggregate principle amount 350,000 350,009 Fair value adjustment, net of amortization (1) 3,718 — Less: Debt issuance costs — (13,436 ) Total notes payable, net $ 353,718 $ 336,573 (1) In conjunction with the Business Combination discussed in Note 4, the Company was required to adjust the liabilities assumed to fair value, resulting in a premium on the Notes and the elimination of the previously recognized debt issuance costs. |
Incentive Compensation (Tables)
Incentive Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Replacement RS Us [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Activity of Grant | A summary of the Replacement RSU and Earnout Right RSU activity from grant until June 30, 2021 is presented below in thousands, except for share information: Grant Date Fair Value Replacement RSUs Number of Number of Total Weighted Total Fair Outstanding, April 1, 2021 — — — Granted 14,819,483 — 14,819,483 $ 9.48 $ 140,489 Vested (4,066,069 ) 4,066,069 — $ 9.48 $ 38,546 Outstanding, June 30, 2021 10,753,414 4,066,069 14,819,483 |
Earnout Rights RS Us [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Activity of Grant | Grant Date Fair Earnout Right RSUs Number of Number Total Weighted Total Outstanding, April 1, 2021 — — — Granted 1,550,880 — 1,550,880 $ 8.91 $ 13,811 Outstanding, June 30, 2021 1,550,880 — 1,550,880 |
Changes in Contingently Redee_2
Changes in Contingently Redeemable Noncontrolling Interest (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Changes In Contingently Redeemable Minority Interest [Abstract] | |
Schedule of Changes in CRNCI | The changes in CRNCI are as follows (in thousands): Predecessor: Balance at December 31, 2019 (audited) $ 187,981 Net loss (15,386 ) Balance at March 31, 2020 172,595 Net loss (2,620 ) Balance at June 30, 2020 $ 169,975 Balance at December 31, 2020 (audited) $ 166,231 Net income 4,260 Accretion to redemption price 32,725 Balance at March 31, 2021 203,216 Successor: Balance at April 1, 2021 $ 203,216 Settlement of CRNCI in connection with the Business Combination (203,216 ) Balance at June 30, 2021 $ — |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
General and Administrative Expense [Abstract] | |
Summary of General and Administrative Expenses | General and administrative expenses consisted of the following (in thousands): April 1, 2021 June 30, 2021 January 1, 2021 March 31, 2021 For the For the six Successor Predecessor Title and closing $ 25,191 $ 25,061 $ 12,682 $ 28,677 Loan origination expenses 17,725 20,503 14,126 34,573 Depreciation and amortization 16,462 3,484 3,488 6,957 Loan portfolio expenses 15,433 15,200 9,426 18,603 Communications and data processing 12,568 11,324 8,025 14,327 Securitization expenses 10,831 6,944 8,349 8,349 Business development 9,647 10,607 9,321 17,590 Licensing and insurance 3,457 2,487 1,474 3,266 Fair value change in deferred purchase price liability 1,760 30 (62 ) — Other expenses 6,227 31,577 14,385 27,438 Total general and administrative expenses $ 119,301 $ 127,217 $ 81,214 $ 159,780 |
Business Segment Reporting (Tab
Business Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Financial Information By Segment | The following tables are a presentation of financial information by segment for the periods indicated (in thousands): April 1, 2021 to June 30, 2021 Successor Mortgage Reverse Commercial Portfolio Lender Total Corporate Elim Total REVENUES Gain on sale of loans, net $ 185,386 $ — $ — $ 7,748 $ — $ 193,134 $ — $ (5,557 ) $ 187,577 Net fair value gains — 94,536 10,822 11,223 — 116,581 — 14,570 131,151 Fee income 30,345 954 12,124 3,577 81,130 128,130 — (37,266 ) 90,864 Net interest income (expense) 1,976 (9 ) — (15,851 ) (15 ) (13,899 ) (6,567 ) (9 ) (20,475 ) Total revenues 217,707 95,481 22,946 6,697 81,115 423,946 (6,567 ) (28,262 ) 389,117 Total expenses 224,191 42,246 20,049 33,190 73,317 392,993 36,021 (28,262 ) 400,752 Other, net — 104 140 (245 ) 83 82 (2,185 ) — (2,103 ) Net (loss) income before taxes $ (6,484 ) $ 53,339 $ 3,037 $ (26,738 ) $ 7,881 $ 31,035 $ (44,773 ) $ — $ (13,738 ) Depreciation and amortization $ 1,433 $ (151 ) $ 127 $ (107 ) $ 2,818 $ 4,120 $ 12,342 $ — $ 16,462 Total assets 2,994,779 768,229 109,434 17,996,903 336,687 $ 22,206,032 2,115,780 (2,093,874 ) $ 22,227,938 January 1, 2021 to March 31, 2021 Predecessor Mortgage Reverse Commercial Portfolio Lender Total Corporate Elim Total REVENUES Gain on sale of loans, net $ 286,481 $ — $ — $ 5,065 $ — $ 291,546 $ — $ (212 ) $ 291,334 Net fair value gains — 68,449 5,431 2,750 — 76,630 — 33 76,663 Fee income 32,731 524 8,930 36,191 76,383 154,759 — 6,612 161,371 Net interest expense 891 — — (14,816 ) (36 ) (13,961 ) (7,744 ) — (21,705 ) Total revenues 320,103 68,973 14,361 29,190 76,347 508,974 (7,744 ) 6,433 507,663 Total expenses 224,246 23,693 13,391 24,406 62,970 348,706 18,683 5,955 373,344 Other, net — 34 149 895 2 1,080 (9,464 ) (478 ) (8,862 ) Net income (loss) before taxes $ 95,857 $ 45,314 $ 1,119 $ 5,679 $ 13,379 $ 161,348 $ (35,891 ) $ — $ 125,457 Depreciation and amortization $ 1,423 $ 151 $ 125 $ 146 $ 1,268 $ 3,113 $ 371 $ — $ 3,484 Total assets 2,425,529 35,861 82,375 17,378,088 125,317 $ 20,047,170 379,562 (326,313 ) $ 20,100,419 For the three months ended June 30, 2020 Predecessor Mortgage Reverse Commercial Portfolio Lender Total Corporate Elim Total REVENUES Gain on sale of loans, net $ 298,333 $ — $ — $ — $ — $ 298,333 $ — $ (42 ) $ 298,291 Net fair value gains — 54,689 21 57,237 — 111,947 — 356 112,303 Fee income 33,795 509 350 1,431 44,312 80,397 28 (3,769 ) 76,656 Net interest expense 778 — — (19,708 ) (42 ) (18,972 ) (2,804 ) (15 ) (21,791 ) Total revenues 332,906 55,198 371 38,960 44,270 471,705 (2,776 ) (3,470 ) 465,459 Total expenses 215,958 22,156 6,552 21,374 39,554 305,594 16,573 (3,470 ) 318,697 Other, net — — — — — — (28 ) — (28 ) Net income (loss) before taxes $ 116,948 $ 33,042 $ (6,181 ) $ 17,586 $ 4,716 $ 166,111 $ (19,377 ) $ — $ 146,734 Depreciation and amortization $ 1,520 $ 286 $ 142 $ 11 $ 1,050 $ 3,009 $ 479 $ — $ 3,488 Total assets $ 1,816,879 $ 86,335 $ 59,439 $ 16,194,177 $ 92,413 $ 18,249,243 $ 484,973 $ (638,216 ) $ 18,096,000 For the six months ended June 30, 2020 Predecessor Mortgage Reverse Commercial Portfolio Lender Total Corporate Elim Total REVENUES Gain on sale of loans, net $ 425,624 $ — $ — $ 5,617 $ — $ 431,241 $ — $ (2,266 ) $ 428,975 Net fair value gains — 89,278 8,582 25,881 — 123,741 — 1,942 125,683 Fee income 54,322 1,112 11,185 2,392 85,570 154,581 44 (7,998 ) 146,627 Net interest expense 1,264 — — (44,481 ) (33 ) (43,250 ) (4,220 ) (82 ) (47,552 ) Total revenues 481,210 90,390 19,767 (10,591 ) 85,537 666,313 (4,176 ) (8,404 ) 653,733 Total expenses 354,149 40,740 22,442 38,746 78,149 534,226 23,222 (8,404 ) 549,044 Other, net — — — — — — (44 ) — (44 ) Net income (loss) before taxes $ 127,061 $ 49,650 $ (2,675 ) $ (49,337 ) $ 7,388 $ 132,087 $ (27,442 ) $ — $ 104,645 Depreciation and amortization $ 3,087 $ 455 $ 306 $ 23 $ 2,105 $ 5,976 $ 981 $ — $ 6,957 Total assets $ 1,816,879 $ 86,335 $ 59,439 $ 16,194,177 $ 92,413 $ 18,249,243 $ 484,973 $ (638,216 ) $ 18,096,000 |
Concentrations of Risk (Tables)
Concentrations of Risk (Tables) - Credit Concentration Risk | 6 Months Ended |
Jun. 30, 2021 | |
Residential Mortgage | |
Summary of Mortgages | The table below provides the percentage of residential mortgage loans serviced by the location in which the home securing the loan is located and is based on the outstanding UPB. “Other” consists of loans in states in which concentration individually represents less than 5% of total remaining UPB. June 30, 2021 December 31, 2020 Successor Predecessor California 36 % 37 % Oregon 8 7 Washington 8 8 Arizona 6 6 New Jersey 5 5 Other 37 37 100 % 100 % |
Reverse Mortgage | |
Summary of Mortgages | The table below provides the percentage of reverse loans in the Company’s Consolidated Statements of Financial Condition by the location in which the home securing the loan is located and is based on their remaining UPBs. “Other” consists of loans in states in which concentration individually represents less than 5% of total remaining UPB. June 30, 2021 December 31, 2020 Successor Predecessor California 44 % 44 % New York 8 8 Florida 5 5 Texas 5 5 Other 38 38 100 % 100 % |
Non Agency Reverse Mortgage | |
Summary of Mortgages | The Company’s non-agency June 30, 2021 December 31, 2020 Successor Predecessor California 79 % 84 % Other 21 16 100 % 100 % |
Non Performing HECM Buyouts | |
Summary of Mortgages | The table below provides the percentage of securitized nonperforming HECM buyouts in the Company’s Consolidated Statements of Financial Condition by the location in which the home securing the loan is located and is based on their remaining UPBs. “Other” consists of loans in states in which concentration individually represents less than 5% of total remaining UPB. June 30, 2021 December 31, 2020 Successor Predecessor Puerto Rico 16 % 21 % New York 16 15 California 10 9 Texas 10 9 Florida 6 5 Other 42 41 100 % 100 % |
Commercial Mortgage | |
Summary of Mortgages | The table below provides the percentage of loans on the Company’s Consolidated Statements of Financial Condition by the location in which the home securing the loan is located and is based on their remaining UPBs. “Other” consists of loans in states in which concentration individually represents less than 5% of total remaining UPB. June 30, 2021 December 31, 2020 Successor Predecessor Illinois 7 % 7 % Minnesota 8 5 New Jersey 6 9 New York 3 7 California 4 9 Connecticut 2 5 Florida 5 6 Texas 5 5 New Mexico 13 1 Other 47 46 100 % 100 % |
Condensed Financial Informati_2
Condensed Financial Information of Registrant (Parent Company Only) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of condensed balance sheet | June 30, 2021 December 31, 2020 Successor Predecessor ASSETS Fixed assets and leasehold improvements, net $ — $ 23 Investment in subsidiaries 814,440 639,011 Other assets, net — 2,184 TOTAL ASSETS $ 814,440 $ 641,218 LIABILITIES AND EQUITY Payables and other liabilities $ 76,469 $ 13,033 TOTAL LIABILITIES $ 76,469 $ 13,033 EQUITY FoA Equity Capital LLC member’s equity — 628,176 Class A Common Stock (Successor), $0.0001 par value; 6,000,000,000 shares authorized; 59,881,714 shares issued and outstanding at June 30, 2021 6 — Additional paid-in 807,521 — Accumulated deficit (Successor) (69,548 ) — Accumulated other comprehensive (loss) income (8 ) 9 TOTAL EQUITY 737,971 628,185 TOTAL LIABILITIES AND EQUITY $ 814,440 $ 641,218 |
Schedule of condensed statement of operations and comprehensive income | April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor REVENUES Interest expense $ — $ (46 ) $ (2,477 ) $ (3,601 ) TOTAL REVENUES — (46 ) (2,477 ) (3,601 ) EXPENSES Salaries and benefits — 4,041 3,162 4,263 Occupancy and equipment rentals — 161 143 312 General and administrative — 357 215 736 TOTAL EXPENSES — 4,559 3,520 5,311 OTHER, NET (2,152 ) — — — NET LOSS BEFORE INCOME TAXES (2,152 ) (4,605 ) (5,997 ) (8,912 ) Provision for income taxes applicable to parent (99 ) — — — NET LOSS (2,053 ) (4,605 ) (5,997 ) (8,912 ) Equity in undistributed income from subsidiaries 4,318 124,464 154,332 129,997 NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST 2,265 119,859 148,335 121,085 Other comprehensive (loss) income (8 ) (11 ) 18 11 COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST $ 2,257 $ 119,848 $ 148,353 $ 121,096 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of components of income tax expense | The components of income tax expense were as follows: April 1, 2021 January 1, 2021 March 31, 2021 For the three For the six Successor Predecessor Net (loss) income before income taxes $ (13,738 ) $ 125,457 $ 146,734 $ 104,645 Provision for income taxes 1,086 1,137 448 766 Effective tax provision rate (7.91 )% 0.91 % 0.31 % 0.73 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of basic earnings per share | The following table reconciles the numerators and denominators used in the computations of both basic and diluted earnings per share for the Successor period (in thousands, except for share amounts): April 1, 2021 June 30, 2021 Successor Basic net income (loss) per share: Numerator Net loss $ (14,824 ) Less: loss attributable to noncontrolling interests (1) (17,089 ) Net income attributable to holders of Class A Common Stock—basic $ 2,265 Denominator Weighted average shares of Class A Common Stock outstanding—basic 59,881,714 Basic net income per share $ 0.04 (1) Additionally, the Class B Common Stock does not participate in earnings or losses of the Company and therefore is not a participating security. The Class B Common Stock has not been included in either the basic or diluted net income per share calculations. Loss attributable to noncontrolling interest includes special allocations of recognized expense related to the A&R MLTIP. See Note 24 - Incentive Compensation for additional details. |
Summary of diluted earnings per share | April 1, 2021 to June 30, 2021 (in thousands, except for share amounts) Successor Diluted net loss per share: Numerator Net income attributable to holders of Class A Common Stock $ 2,265 Reallocation of net loss assuming exchange of Class A LLC Units (2) (12,001 ) Net loss attributable to holders of Class A Common Stock—diluted $ (9,736 ) Denominator Weighted average shares of Class A Common Stock outstanding—basic 59,881,714 Effect of dilutive securities: Assumed exchange of Class A LLC Units for shares of Class A Common Stock (3) 131,318,286 Weighted average shares of Class A Common Stock outstanding—diluted 191,200,000 Diluted net loss per share $ (0.05 ) (2) after-tax if-converted Following the terms of the A&R LLC Agreement, the Class A LLC unitholders will initially bear approximately 85% of the cost of any vesting associated with the Replacement RSUs and Earnout Right RSUs prior to any distribution by FoA to such Class A LLC unitholders. The remaining compensation cost associated with the Replacement RSUs and Earnout Right RSUs will be shared by Blocker. As a result of the application of the if-converted (3) if-converted one-for-one In addition to the Class A LLC Units, the Company also had Replacement RSUs outstanding during the period from April 1, 2021 to June 30, 2021. The effects of the Replacement RSUs following the treasury stock method have been excluded from the computation of diluted net income per share given that the if-converted |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) | Jun. 30, 2021Clients |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of clients converted into forbearance plan | 551 |
Percentage of clients converted into forbearance plan | 0.57% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($)$ / shares | |
Earnout shares tranche one | |
Initial Public Offering | |
Volume weighted average price of shares | $ 12.50 |
Number of trading days for determining the volume weighted average share price | 20 days |
Number of consecutive trading days for determining the volume weighted average share price | 30 days |
Percentage of the earnout shares to be issued | 50.00% |
Earnout shares tranche two | |
Initial Public Offering | |
Volume weighted average price of shares | $ 15 |
Number of trading days for determining the volume weighted average share price | 20 days |
Number of consecutive trading days for determining the volume weighted average share price | 30 days |
Percentage of the earnout shares to be issued | 50.00% |
Tax receivable agreement obligation | |
Initial Public Offering | |
Percentage of realized tax benefits payable pursuant to an agreement | 85.00% |
Tax receivable agreement obligation | FoA Equity | |
Initial Public Offering | |
Tax Liability Pursuant To An Agreement | $ | $ 32.8 |
Variable Interest Entities an_3
Variable Interest Entities and Securitizations - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2021 | Apr. 30, 2021 | Feb. 28, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 |
Variable Interest Entities and Securitizations [Line Items] | ||||||||
Gain (loss) on sale of mortgage loans | $ 197,129 | $ 284,948 | $ 282,424 | $ 291,671 | ||||
FAM [Member] | HAWT 2021-INV1 securitization [Member] | ||||||||
Variable Interest Entities and Securitizations [Line Items] | ||||||||
Percentage of beneficial interest in securitized trust | 5.00% | |||||||
FAM Mortgage Loan [Member] | ||||||||
Variable Interest Entities and Securitizations [Line Items] | ||||||||
Transfer of mortgage loans held-for-sale at initial fair value | $ 15,700 | $ 15,700 | 15,700 | |||||
Servicing asset recognized on sale of mortgage loan | 1,100 | 1,100 | 1,100 | |||||
Proceeds from securitizations of loans held-for-investment | 299,000 | |||||||
Gain (loss) on sale of mortgage loans | 12,500 | |||||||
Charge off expenses on transferred mortgage loan | 0 | $ 0 | $ 0 | $ 0 | ||||
Repayments of debt | $ 294,200 | |||||||
FAM Mortgage Loan [Member] | Principal [Member] | ||||||||
Variable Interest Entities and Securitizations [Line Items] | ||||||||
Repayments of debt | $ 239,800 | |||||||
FAM Mortgage Loan [Member] | Interest [Member] | ||||||||
Variable Interest Entities and Securitizations [Line Items] | ||||||||
Repayments of debt | 6,300 | |||||||
FAM Mortgage Loan [Member] | Discount [Member] | ||||||||
Variable Interest Entities and Securitizations [Line Items] | ||||||||
Repayments of debt | 3,700 | |||||||
FAM Mortgage Loan [Member] | FAM [Member] | Financial Asset 60 Days Or Less Past Due [Member] | ||||||||
Variable Interest Entities and Securitizations [Line Items] | ||||||||
Mortgage loans transferred to unconsolidated securitization trusts amount | $ 100 | $ 100 | $ 100 | |||||
2018 & 2019, and 2020 ANTLR securitizations [Member] | Finance of america commercial LLC [Member] | ||||||||
Variable Interest Entities and Securitizations [Line Items] | ||||||||
Repayments of debt | $ 175,300 |
Variable Interest Entities an_4
Variable Interest Entities and Securitizations - Summary of the Assets and Liabilities of the Company's Consolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
ASSETS | ||||
Restricted cash | $ 354,390 | $ 306,262 | ||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 1,225,090 | 730,821 | ||
TOTAL ASSETS | 22,227,938 | $ 20,100,419 | 19,565,155 | $ 18,096,000 |
LIABILITIES | ||||
Nonrecourse debt, at fair value | 5,425,732 | 5,271,842 | ||
TOTAL LIABILITIES | 19,848,643 | 18,770,884 | ||
Retained bonds and beneficial interests eliminated in consolidation | (198,099) | (202,187) | ||
TOTAL CONSOLIDATED LIABILITIES | 5,360,720 | 5,258,045 | ||
Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Restricted cash | 334,984 | 293,580 | ||
Other assets | 76,056 | 79,528 | ||
TOTAL ASSETS | 5,835,661 | 5,769,275 | ||
LIABILITIES | ||||
Payables and other liabilities | 117 | 291 | ||
TOTAL LIABILITIES | 5,360,720 | 5,258,045 | ||
Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Restricted cash | 334,984 | 293,580 | ||
Other assets | 76,056 | 79,528 | ||
TOTAL ASSETS | 5,835,661 | 5,769,275 | ||
LIABILITIES | ||||
Payables and other liabilities | 117 | 291 | ||
TOTAL LIABILITIES | 5,558,819 | 5,460,232 | ||
2021 FASST JR1 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 562,333 | |||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 507,721 | |||
2021 FASST JR1 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 562,333 | |||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 534,444 | |||
2021 FASST HB1 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 506,482 | |||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 537,618 | |||
2021 FASST HB1 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 506,482 | |||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 537,618 | |||
2019 FASST JR2 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 437,641 | 488,760 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 425,568 | 463,568 | ||
2019 FASST JR2 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 437,641 | 488,760 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 447,966 | 487,966 | ||
2020 FASST HB2 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 397,121 | 398,480 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 448,333 | 474,599 | ||
2018 FASST JR1 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 395,716 | 449,069 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 405,161 | 450,268 | ||
2018 FASST JR1 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 395,716 | 449,069 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 412,370 | 458,279 | ||
2019 FASST JR3 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 370,209 | 450,703 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 374,391 | 423,406 | ||
2019 FASST JR3 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 370,209 | 450,703 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 394,096 | 445,691 | ||
2020 FASST JR3 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 341,385 | 372,015 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 316,738 | 337,024 | ||
2020 FASST JR3 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 341,385 | 372,015 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 333,373 | 354,762 | ||
2019 FASST JR4 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 331,302 | 377,265 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 316,203 | 350,514 | ||
2019 FASST JR4 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 331,302 | 377,265 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 332,846 | 368,963 | ||
2020 FASST S3 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 313,728 | 316,774 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 286,549 | 294,226 | ||
2020 FASST S3 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 313,728 | 316,774 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 301,631 | 309,713 | ||
2020 FASST JR2 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 312,160 | 341,439 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 280,978 | 297,046 | ||
2020 FASST JR2 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 312,160 | 341,439 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 296,093 | 313,057 | ||
2019 FASST JR1 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 295,605 | 331,244 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 301,889 | 326,367 | ||
2019 FASST JR1 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 295,605 | 331,244 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 317,778 | 343,544 | ||
2020 FASST S2 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 289,129 | 311,721 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 287,139 | 298,435 | ||
2020 FASST S2 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 289,129 | 311,721 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 302,253 | 314,144 | ||
2021 RTL1 ANTLR | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 234,942 | |||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 268,428 | |||
2018 FASST JR2 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 234,665 | 264,622 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 240,078 | 265,695 | ||
2018 FASST JR2 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 234,665 | 264,622 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 243,734 | 269,741 | ||
2020 FASST JR4 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 228,248 | 237,100 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 198,582 | 217,362 | ||
2020 FASST JR4 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 228,248 | 237,100 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 209,035 | 228,804 | ||
2020 FASST S1 | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 173,955 | 189,243 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 169,769 | 181,630 | ||
2020 FASST S1 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 173,955 | 189,243 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 178,704 | 191,189 | ||
2020 FASST JR1 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 263,266 | |||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 250,988 | |||
2020 RTL1 ANTLR | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 137,989 | |||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 0 | 140,441 | ||
2020 RTL1 ANTLR | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 137,989 | |||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 140,839 | |||
2018 RTL1 ANTLR | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 0 | 82,393 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 0 | 80,767 | ||
2018 RTL1 ANTLR | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 82,393 | |||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 80,767 | |||
2019 RTL1 ANTLR | Variable Interest Entity, Primary Beneficiary | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 0 | 118,161 | ||
LIABILITIES | ||||
Nonrecourse debt, at fair value | $ 0 | 121,580 | ||
2019 RTL1 ANTLR | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 118,161 | |||
LIABILITIES | ||||
Nonrecourse debt, at fair value | 127,981 | |||
2020 FASST HB1 | Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | ||||
ASSETS | ||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 265,923 | |||
LIABILITIES | ||||
Nonrecourse debt, at fair value | $ 298,914 |
Variable Interest Entities an_5
Variable Interest Entities and Securitizations - Summary of the Outstanding Collateral and Certificate Balances for Securitization Trusts (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Schedule Of Collateral And Certificate Balances For Securitization Trusts [Line Items] | ||||
Total certificate balances | $ 22,227,938 | $ 20,100,419 | $ 19,565,155 | $ 18,096,000 |
Unconsolidated Securitization Trusts | ||||
Schedule Of Collateral And Certificate Balances For Securitization Trusts [Line Items] | ||||
Total certificate balances | 300,047 | 0 | ||
Unconsolidated Securitization Trusts | Asset Pledged as Collateral | ||||
Schedule Of Collateral And Certificate Balances For Securitization Trusts [Line Items] | ||||
Total certificate balances | $ 300,318 | $ 0 |
Acquisitions - Summary of Asset
Acquisitions - Summary of Assets Acquired and Liability Assumed in Conjunction with the Business Combination (Detail) - USD ($) $ in Thousands | Oct. 12, 2020 | Jun. 30, 2021 | Apr. 01, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Liabilities assumed: | ||||||||
Goodwill | $ 1,298,324 | $ 0 | $ 128,750 | $ 121,233 | $ 121,754 | $ 121,137 | $ 121,137 | |
FoA Equity | ||||||||
Business Acquisition [Line Items] | ||||||||
Total cash consideration | $ 342,270 | 342,270 | ||||||
Blocker rollover equity | 221,811 | 221,811 | ||||||
Seller earnout contingent consideration | 160,272 | 160,272 | ||||||
Tax Receivable Agreement obligations to the seller | 31,950 | 31,950 | ||||||
Total consideration transferred | 756,303 | 756,303 | ||||||
Non-controlling interest | 1,658,545 | 1,658,545 | ||||||
Total equity value | 2,414,848 | 2,414,848 | ||||||
Assets acquired: | ||||||||
Cash and cash equivalents | 336,075 | 336,075 | ||||||
Restricted cash | 305,292 | 305,292 | ||||||
Reverse mortgage loans held for investment, subject to HMBS related obligations, at fair value | 10,071,192 | 10,071,192 | ||||||
Mortgage loans held for investment, subject to nonrecourse debt, at fair value | 5,291,443 | 5,291,443 | ||||||
Mortgage loans held for investment, at fair value | 1,100,544 | 1,100,544 | ||||||
Mortgage loans held for sale, at fair value | 2,140,361 | 2,140,361 | ||||||
Debt securities | 9,230 | 9,230 | ||||||
Mortgage servicing rights, at fair value | 267,364 | 267,364 | ||||||
Derivative assets | 116,479 | 116,479 | ||||||
Fixed assets and leasehold improvements, net | 26,079 | 26,079 | ||||||
Intangible assets, net | 717,700 | 717,700 | ||||||
Other assets, net | 279,155 | 279,155 | ||||||
Total assets acquired | 20,660,914 | 20,660,914 | ||||||
Liabilities assumed: | ||||||||
HMBS related obligations, at fair value | 9,926,131 | 9,926,131 | ||||||
Nonrecourse debt, at fair value | 5,227,942 | 5,227,942 | ||||||
Other financing lines of credit | 3,340,345 | 3,340,345 | ||||||
Payables and other liabilities | 669,048 | 669,048 | ||||||
Notes payable, net | 353,924 | 353,924 | ||||||
Total liabilities assumed | 19,517,390 | 19,517,390 | ||||||
Net identifiable assets acquired | 1,143,524 | 1,143,524 | ||||||
Goodwill | $ 1,271,324 | $ 1,271,324 |
Acquisitions - Summary of Ass_2
Acquisitions - Summary of Assets Acquired and Liability Assumed in Conjunction with the Business Combination (Parenthetical) (Detail) - FoA Equity $ in Millions | Oct. 12, 2020USD ($) |
Business Acquisition [Line Items] | |
Business combination goodwill deductible for tax purposes | $ 85.2 |
Expenses considered to have been incurred upon the successful closing of the business combination | $ 5 |
Acquisitions - Summary of Intan
Acquisitions - Summary of Intangible Assets Acquired As Part of Business Combination (Detail) - FoA Equity - USD ($) $ in Thousands | Oct. 12, 2020 | Jun. 30, 2021 |
Schedule Of Intangible Assets Acquired As Part Of Business Combination [Line Items] | ||
Indefinite lived trade names | $ 178,000 | |
Total fair value | 717,700 | $ 717,700 |
Trade Names | ||
Schedule Of Intangible Assets Acquired As Part Of Business Combination [Line Items] | ||
Definite lived trade names, Broker/customer relationships | $ 8,800 | |
Useful life | 10 years | |
Customer Relationships | ||
Schedule Of Intangible Assets Acquired As Part Of Business Combination [Line Items] | ||
Definite lived trade names, Broker/customer relationships | $ 530,900 | |
Customer Relationships | Maximum | ||
Schedule Of Intangible Assets Acquired As Part Of Business Combination [Line Items] | ||
Useful life | 15 years | |
Customer Relationships | Minimum | ||
Schedule Of Intangible Assets Acquired As Part Of Business Combination [Line Items] | ||
Useful life | 8 years |
Acquisitions - Summary of Busin
Acquisitions - Summary of Business Acquisition Pro Forma Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Acquisition, Pro Forma Information [Abstract] | ||||
Pro forma revenues | $ 387,014 | $ 454,249 | $ 895,203 | $ 639,377 |
Pro forma net income | 19,672 | 100,413 | 111,055 | 7,121 |
Pro forma net income attributable to controlling interest | 6,748 | 27,492 | 37,734 | 12,985 |
Pro forma net income (loss) attributable to noncontrolling interest | $ 12,924 | $ 72,921 | $ 73,321 | $ (5,864) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | May 14, 2021 | Mar. 26, 2021 | Oct. 12, 2020 | Jun. 30, 2021 | Apr. 01, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 1,298,324 | $ 0 | $ 128,750 | $ 121,233 | $ 121,754 | $ 121,137 | $ 121,137 | |||
FoA Equity | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of economic interest held by public investors | 31.30% | |||||||||
Percentage of economic interest held by pre-transaction equity owners | 68.70% | |||||||||
Total assets acquired | $ 20,660,914 | 20,660,914 | ||||||||
Goodwill | 1,271,324 | 1,271,324 | ||||||||
Business combination contingent consideration liability | 160,272 | 160,272 | ||||||||
Payments to acquire business | $ 342,270 | $ 342,270 | ||||||||
Renovate America Inc | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total assets acquired | $ 36,000 | |||||||||
Goodwill | 7,500 | |||||||||
Payments to acquire business | $ 43,500 | |||||||||
Parkside | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Goodwill | $ 27,000 | |||||||||
Business combination contingent consideration liability | 7,000 | |||||||||
Payments to acquire business | $ 20,000 |
Fair Value - Summary of Reverse
Fair Value - Summary of Reverse Mortgage Loans Held for Investment, Subject to HMBS Related Obligations (Detail) - Reverse Mortgage Loans Held for Investment, Subject to HMBS Related Obligations [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Conditional repayment rate [Member] | Weighted Average [Member] | ||
Fair Value Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 20.30% | 20.00% |
Loss frequency [Member] | Weighted Average [Member] | ||
Fair Value Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss frequency | 4.30% | 4.40% |
Loss severity [Member] | Minimum [Member] | ||
Fair Value Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss severity | 4.90% | 5.10% |
Loss severity [Member] | Maximum [Member] | ||
Fair Value Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss severity | 11.70% | 13.30% |
Loss severity [Member] | Weighted Average [Member] | ||
Fair Value Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss severity | 5.20% | 5.40% |
Discount rate [Member] | Weighted Average [Member] | ||
Fair Value Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 1.90% | 1.60% |
Average draw rate | 1.10% | 1.10% |
Fair Value - Summary of HECM Bu
Fair Value - Summary of HECM Buyouts (Detail) - HECM Buyouts [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Minimum [Member] | Loss frequency [Member] | ||
Fair Value HECM Buyouts Securitized Nonperforming Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss frequency | 25.00% | 25.00% |
Minimum [Member] | Loss severity [Member] | ||
Fair Value HECM Buyouts Securitized Nonperforming Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss severity | 4.90% | 5.10% |
Maximum [Member] | Loss frequency [Member] | ||
Fair Value HECM Buyouts Securitized Nonperforming Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss frequency | 100.00% | 100.00% |
Maximum [Member] | Loss severity [Member] | ||
Fair Value HECM Buyouts Securitized Nonperforming Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss severity | 11.70% | 13.30% |
Weighted Average [Member] | Conditional repayment rate [Member] | ||
Fair Value HECM Buyouts Securitized Nonperforming Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 40.60% | 42.90% |
Weighted Average [Member] | Loss frequency [Member] | ||
Fair Value HECM Buyouts Securitized Nonperforming Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss frequency | 52.50% | 54.80% |
Weighted Average [Member] | Loss severity [Member] | ||
Fair Value HECM Buyouts Securitized Nonperforming Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss severity | 7.00% | 7.50% |
Discount rate | 3.60% | 4.10% |
Fair Value - Summary of HECM _2
Fair Value - Summary of HECM Buyouts Securitized (Detail) - HECM Buyouts Securitized [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Minimum [Member] | Loss severity [Member] | ||
Fair Value HECM Buyouts Securitized Performing Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss severity | 4.90% | 5.10% |
Maximum [Member] | Loss severity [Member] | ||
Fair Value HECM Buyouts Securitized Performing Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss severity | 11.70% | 13.30% |
Weighted Average [Member] | Conditional repayment rate [Member] | ||
Fair Value HECM Buyouts Securitized Performing Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 13.70% | 14.70% |
Weighted Average [Member] | Loss severity [Member] | ||
Fair Value HECM Buyouts Securitized Performing Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss severity | 8.60% | 7.70% |
Weighted Average [Member] | Discount rate [Member] | ||
Fair Value HECM Buyouts Securitized Performing Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 3.40% | 3.50% |
Weighted Average [Member] | Weighted average remaining life in years [Member] | ||
Fair Value HECM Buyouts Securitized Performing Mortgage Loans Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted average remaining life in years | 8 years 8 months 12 days | 8 years 6 months |
Fair Value - Summary of Non-Age
Fair Value - Summary of Non-Agency Reverse Mortgage Securitized (Detail) - Non Agency Reverse Mortgage Securitized [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Minimum [Member] | Loan to value [Member] | ||
Fair Value Non Agency Reverse Mortgage Loan Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loan to value | 0.10% | 9.00% |
Minimum [Member] | Home price appreciation [Member] | ||
Fair Value Non Agency Reverse Mortgage Loan Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Home price appreciation | 3.90% | 1.10% |
Maximum [Member] | Loan to value [Member] | ||
Fair Value Non Agency Reverse Mortgage Loan Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loan to value | 75.70% | 73.10% |
Maximum [Member] | Home price appreciation [Member] | ||
Fair Value Non Agency Reverse Mortgage Loan Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Home price appreciation | 8.80% | 8.90% |
Weighted Average [Member] | Weighted average remaining life in years [Member] | ||
Fair Value Non Agency Reverse Mortgage Loan Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted-average remaining life in years | 7 years 1 month 6 days | 6 years 10 months 24 days |
Weighted Average [Member] | Loan to value [Member] | ||
Fair Value Non Agency Reverse Mortgage Loan Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loan to value | 50.00% | 48.20% |
Weighted Average [Member] | Conditional repayment rate [Member] | ||
Fair Value Non Agency Reverse Mortgage Loan Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 19.20% | 18.70% |
Weighted Average [Member] | Loss severity [Member] | ||
Fair Value Non Agency Reverse Mortgage Loan Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss severity | 10.00% | 10.00% |
Weighted Average [Member] | Home price appreciation [Member] | ||
Fair Value Non Agency Reverse Mortgage Loan Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Home price appreciation | 5.90% | 5.60% |
Weighted Average [Member] | Discount rate [Member] | ||
Fair Value Non Agency Reverse Mortgage Loan Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 3.70% | 3.60% |
Fair Value - Summary of Fix & F
Fair Value - Summary of Fix & Flip - Securitized Commercial Mortgage Loans (Detail) - Fix Flip Securitized Commercial Mortgage Loans [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Minimum [Member] | Discount rate [Member] | ||
Fair Value Fix And Flip Mortgage Loan Securitized Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 5.10% | 6.70% |
Minimum [Member] | Loss frequency [Member] | ||
Fair Value Fix And Flip Mortgage Loan Securitized Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss frequency | 0.30% | 0.20% |
Maximum [Member] | Discount rate [Member] | ||
Fair Value Fix And Flip Mortgage Loan Securitized Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 10.00% | 10.00% |
Maximum [Member] | Loss frequency [Member] | ||
Fair Value Fix And Flip Mortgage Loan Securitized Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss frequency | 77.20% | 44.00% |
Weighted Average [Member] | Prepayment Rate [Member] | ||
Fair Value Fix And Flip Mortgage Loan Securitized Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Prepayment rate (SMM) | 15.30% | 17.10% |
Weighted Average [Member] | Discount rate [Member] | ||
Fair Value Fix And Flip Mortgage Loan Securitized Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 5.10% | 6.70% |
Weighted Average [Member] | Loss frequency [Member] | ||
Fair Value Fix And Flip Mortgage Loan Securitized Held For Investment Subject To Nonrecourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss frequency | 0.70% | 0.60% |
Fair Value - Summary of Invento
Fair Value - Summary of Inventory Buyouts (Detail) - Inventory Buyouts [Member] - Weighted Average [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Conditional repayment rate [Member] | ||
Fair Value Inventory Buyouts Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 45.80% | 44.00% |
Loss frequency [Member] | ||
Fair Value Inventory Buyouts Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss frequency | 53.60% | 46.90% |
Loss severity [Member] | ||
Fair Value Inventory Buyouts Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss severity | 9.40% | 10.50% |
Discount rate [Member] | ||
Fair Value Inventory Buyouts Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 3.60% | 4.10% |
Fair Value - Summary of Non-A_2
Fair Value - Summary of Non-Agency Reverse Mortgage Loans (Detail) - Non Agency Reverse Mortgage Loans [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Minimum [Member] | Loan to value [Member] | ||
Fair Value Non Agency Reverse Mortgage Loans Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loan to value | 0.40% | 0.10% |
Minimum [Member] | Home price appreciation [Member] | ||
Fair Value Non Agency Reverse Mortgage Loans Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Home price appreciation | 3.90% | 1.10% |
Maximum [Member] | Loan to value [Member] | ||
Fair Value Non Agency Reverse Mortgage Loans Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loan to value | 62.80% | 62.10% |
Maximum [Member] | Home price appreciation [Member] | ||
Fair Value Non Agency Reverse Mortgage Loans Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Home price appreciation | 8.80% | 8.90% |
Weighted Average [Member] | Weighted average remaining life in years [Member] | ||
Fair Value Non Agency Reverse Mortgage Loans Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted-average remaining life in years | 8 years | 8 years |
Weighted Average [Member] | Loan to value [Member] | ||
Fair Value Non Agency Reverse Mortgage Loans Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loan to value | 44.60% | 44.00% |
Weighted Average [Member] | Conditional repayment rate [Member] | ||
Fair Value Non Agency Reverse Mortgage Loans Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 16.90% | 16.80% |
Weighted Average [Member] | Loss severity [Member] | ||
Fair Value Non Agency Reverse Mortgage Loans Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Loss severity | 10.00% | 10.00% |
Weighted Average [Member] | Home price appreciation [Member] | ||
Fair Value Non Agency Reverse Mortgage Loans Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Home price appreciation | 5.90% | 5.50% |
Weighted Average [Member] | Discount rate [Member] | ||
Fair Value Non Agency Reverse Mortgage Loans Classified As Reverse Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 3.70% | 3.60% |
Fair Value - Summary of Commerc
Fair Value - Summary of Commercial Mortgage Fix and Flip Loans (Detail) - Commercial Mortgage Fix and Flip Loans [Member] - Weighted Average [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Prepayment Rate [Member] | |
Fair Value Fix And Flip Loans Classified Under Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | |
Prepayment rate (SMM) | 12.50% |
Discount rate [Member] | |
Fair Value Fix And Flip Loans Classified Under Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | |
Discount rate | 5.40% |
Loss frequency [Member] | |
Fair Value Fix And Flip Loans Classified Under Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | |
Loss frequency | 0.40% |
Fair Value - Summary of Comme_2
Fair Value - Summary of Commercial Mortgage Agricultural Loans (Detail) - Commercial Mortgage Agricultural Loans [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Minimum [Member] | Prepayment Rate [Member] | ||
Fair Value Agricultural Loans Classified Under Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Prepayment rate (CPR) | 10.00% | 0.00% |
Maximum [Member] | Prepayment Rate [Member] | ||
Fair Value Agricultural Loans Classified Under Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Prepayment rate (CPR) | 100.00% | 1.00% |
Weighted Average [Member] | Discount rate [Member] | ||
Fair Value Agricultural Loans Classified Under Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 4.70% | 6.40% |
Weighted Average [Member] | Prepayment Rate [Member] | ||
Fair Value Agricultural Loans Classified Under Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Prepayment rate (CPR) | 28.30% | 0.70% |
Weighted Average [Member] | Default Rate [Member] | ||
Fair Value Agricultural Loans Classified Under Mortgage Loans Held For Investment Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Default rate (CDR) | 1.00% | 0.40% |
Fair Value - Summary of Comme_3
Fair Value - Summary of Commercial Mortgage Single Rental Loans (Detail) - Commercial Mortgage Single Rental Loans [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Minimum [Member] | Prepayment Rate [Member] | ||
Fair Value Single Rental Loan SRL Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Prepayment rate (CPR) | 1.00% | 1.00% |
Minimum [Member] | Default Rate [Member] | ||
Fair Value Single Rental Loan SRL Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Default rate (CDR) | 1.00% | 1.00% |
Maximum [Member] | Prepayment Rate [Member] | ||
Fair Value Single Rental Loan SRL Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Prepayment rate (CPR) | 17.00% | 17.10% |
Maximum [Member] | Default Rate [Member] | ||
Fair Value Single Rental Loan SRL Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Default rate (CDR) | 54.00% | 64.90% |
Weighted Average [Member] | Prepayment Rate [Member] | ||
Fair Value Single Rental Loan SRL Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Prepayment rate (CPR) | 14.00% | 15.40% |
Weighted Average [Member] | Discount rate [Member] | ||
Fair Value Single Rental Loan SRL Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 3.30% | 5.00% |
Weighted Average [Member] | Default Rate [Member] | ||
Fair Value Single Rental Loan SRL Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Default rate (CDR) | 2.40% | 3.60% |
Fair Value - Summary of Comme_4
Fair Value - Summary of Commercial Mortgage Portfolio Lending (Detail) - Commercial Mortgage Portfolio Lending [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Minimum [Member] | Prepayment Rate [Member] | ||
Fair Value Portfolio Mortgage Loans Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Prepayment rate (CPR) | 0.00% | 0.00% |
Minimum [Member] | Default Rate [Member] | ||
Fair Value Portfolio Mortgage Loans Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Default rate (CDR) | 1.00% | 1.00% |
Maximum [Member] | Prepayment Rate [Member] | ||
Fair Value Portfolio Mortgage Loans Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Prepayment rate (CPR) | 14.80% | 15.00% |
Maximum [Member] | Default Rate [Member] | ||
Fair Value Portfolio Mortgage Loans Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Default rate (CDR) | 27.10% | 42.70% |
Weighted Average [Member] | Prepayment Rate [Member] | ||
Fair Value Portfolio Mortgage Loans Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Prepayment rate (CPR) | 8.10% | 9.30% |
Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value Portfolio Mortgage Loans Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 3.80% | 4.90% |
Weighted Average [Member] | Default Rate [Member] | ||
Fair Value Portfolio Mortgage Loans Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Default rate (CDR) | 1.70% | 2.00% |
Fair Value - Summary of Fix And
Fair Value - Summary of Fix And Flip Loans (Detail) - Fix And Flip Loans [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | Discount rate [Member] | |
Fair Value Fix And Flip Loans Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | |
Discount rate | 6.70% |
Maximum [Member] | Discount rate [Member] | |
Fair Value Fix And Flip Loans Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | |
Discount rate | 10.00% |
Weighted Average [Member] | Prepayment Rate [Member] | |
Fair Value Fix And Flip Loans Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | |
Prepayment rate (SMM) | 12.40% |
Weighted Average [Member] | Discount rate [Member] | |
Fair Value Fix And Flip Loans Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | |
Discount rate | 7.20% |
Weighted Average [Member] | Loss frequency [Member] | |
Fair Value Fix And Flip Loans Classified Under Mortgage Loans Held For Sale Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | |
Loss frequency | 0.80% |
Fair Value - Summary of Informa
Fair Value - Summary of Information Regarding The Servicing Portfolio of Retained MSRs (Detail) | Jun. 30, 2021 | Dec. 31, 2020 |
Servicing Portfolio Of Retained Mortgage Servicing Rights [Abstract] | ||
Capitalization servicing rate | 1.00% | 0.80% |
Capitalization servicing multiple | 3.80% | 3.20% |
Weighted-average servicing fee (in basis points) | 25.00% | 25.00% |
Fair Value - Summary of Mortgag
Fair Value - Summary of Mortgage Servicing Rights (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value [Line Items] | ||
Discount rate | 3.00% | 3.10% |
Mortgage Servicing Rights [Member] | Minimum [Member] | Weighted Average Prepayment Speed [Member] | ||
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value [Line Items] | ||
Weighted average prepayment speed (CPR) | 5.70% | 6.60% |
Mortgage Servicing Rights [Member] | Minimum [Member] | Weighted average delinquency rate [Member] | ||
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value [Line Items] | ||
Weighted average delinquency rate | 1.20% | 1.20% |
Mortgage Servicing Rights [Member] | Maximum [Member] | Weighted Average Prepayment Speed [Member] | ||
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value [Line Items] | ||
Weighted average prepayment speed (CPR) | 19.90% | 24.90% |
Mortgage Servicing Rights [Member] | Maximum [Member] | Weighted average delinquency rate [Member] | ||
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value [Line Items] | ||
Weighted average delinquency rate | 9.10% | 9.20% |
Mortgage Servicing Rights [Member] | Weighted Average [Member] | Weighted Average Prepayment Speed [Member] | ||
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value [Line Items] | ||
Weighted average prepayment speed (CPR) | 10.10% | 12.10% |
Mortgage Servicing Rights [Member] | Weighted Average [Member] | Discount rate [Member] | ||
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value [Line Items] | ||
Discount rate | 10.40% | 12.10% |
Mortgage Servicing Rights [Member] | Weighted Average [Member] | Weighted average delinquency rate [Member] | ||
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value [Line Items] | ||
Weighted average delinquency rate | 1.30% | 1.30% |
Fair Value - Summary Of The Est
Fair Value - Summary Of The Estimated Change In The Fair Value Of MSRs From Adverse Changes In The Significant Assumptions (Detail) - Mortgage Servicing Rights [Member] $ in Thousands | Jun. 30, 2021USD ($) |
Servicing Assets And Servicing Liabilities At Fair Value Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Impact on fair value of 10% adverse change, Weighted-Average Prepayment Speed | $ (10,734) |
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed | (20,763) |
Impact on fair value of 10% adverse change, Discount Rate | (10,921) |
Impact on fair value of 20% adverse change, Discount Rate | (21,093) |
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate | (138) |
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate | $ (348) |
Fair Value - Summary of HMBS Re
Fair Value - Summary of HMBS Related Obligations (Detail) - HMBS Related Obligations [Member] - Weighted Average [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Conditional repayment rate [Member] | ||
Fair Value HMBS Related Obligations Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 20.20% | 19.90% |
Discount rate [Member] | ||
Fair Value HMBS Related Obligations Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 1.70% | 1.40% |
Fair Value - Summary of Perform
Fair Value - Summary of Performing/Nonperforming HECM securitizations (Details) - Non Recourse Debt [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Weighted average remaining life in years [Member] | Minimum [Member] | Performing/Nonperforming HECM securitizations | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted average remaining life in years | 7 months 6 days | 2 months 12 days |
Weighted average remaining life in years [Member] | Minimum [Member] | Securitized Non-Agency Reverse | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted average remaining life in years | 1 year 3 months 18 days | 3 months 18 days |
Weighted average remaining life in years [Member] | Maximum [Member] | Performing/Nonperforming HECM securitizations | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted average remaining life in years | 1 year 2 months 12 days | 1 year 6 months |
Weighted average remaining life in years [Member] | Maximum [Member] | Securitized Non-Agency Reverse | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted average remaining life in years | 2 years 1 month 6 days | 2 years 8 months 12 days |
Weighted average remaining life in years [Member] | Weighted Average [Member] | Performing/Nonperforming HECM securitizations | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted average remaining life in years | 10 months 24 days | 1 year |
Weighted average remaining life in years [Member] | Weighted Average [Member] | Securitized Non-Agency Reverse | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted average remaining life in years | 1 year 10 months 24 days | 2 years 1 month 6 days |
Conditional repayment rate [Member] | Minimum [Member] | Performing/Nonperforming HECM securitizations | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 19.60% | 34.30% |
Conditional repayment rate [Member] | Minimum [Member] | Securitized Non-Agency Reverse | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 20.60% | 19.60% |
Conditional repayment rate [Member] | Maximum [Member] | Performing/Nonperforming HECM securitizations | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 29.10% | 56.30% |
Conditional repayment rate [Member] | Maximum [Member] | Securitized Non-Agency Reverse | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 31.20% | 35.80% |
Conditional repayment rate [Member] | Weighted Average [Member] | Performing/Nonperforming HECM securitizations | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 23.90% | 42.80% |
Conditional repayment rate [Member] | Weighted Average [Member] | Securitized Non-Agency Reverse | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 25.60% | 23.90% |
Discount rate [Member] | Weighted Average [Member] | Performing/Nonperforming HECM securitizations | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 2.10% | 3.10% |
Discount rate [Member] | Weighted Average [Member] | Securitized Non-Agency Reverse | ||
Fair Value Non Recourse Debt Instruments Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 2.00% | 2.20% |
Fair Value - Summary of Comme_5
Fair Value - Summary of Commercial Mortgage Loans (Details) - Commercial Mortgage Loans [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Maximum [Member] | Weighted average remaining life in months [Member] | ||
Fair Value Non Recourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted-average remaining life (in months) | 4 months 3 days | |
Maximum [Member] | Weighted-average prepayment speed (SMM) [Member] | ||
Fair Value Non Recourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted-average prepayment speed (SMM) | 32.00% | |
Minimum [Member] | Weighted average remaining life in months [Member] | ||
Fair Value Non Recourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted-average remaining life (in months) | 1 month 27 days | |
Minimum [Member] | Weighted-average prepayment speed (SMM) [Member] | ||
Fair Value Non Recourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted-average prepayment speed (SMM) | 17.70% | |
Weighted Average [Member] | Weighted average remaining life in months [Member] | ||
Fair Value Non Recourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted-average remaining life (in months) | 3 months 24 days | 3 months 12 days |
Weighted Average [Member] | Weighted-average prepayment speed (SMM) [Member] | ||
Fair Value Non Recourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Weighted-average prepayment speed (SMM) | 17.10% | 21.40% |
Weighted Average [Member] | Discount rate [Member] | ||
Fair Value Non Recourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 2.50% | 5.80% |
Fair Value - Summary of Nonreco
Fair Value - Summary of Nonrecourse MSR Financing Liability (Details) - Non Recourse MSR Financing Liability [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Minimum [Member] | Weighted-average prepayment speed (CPR) [Member] | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Weighted average prepayment speed (CPR) | 6.00% | 6.90% |
Minimum [Member] | Discount rate | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Discount rate | 10.90% | 11.70% |
Maximum [Member] | Weighted-average prepayment speed (CPR) [Member] | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Weighted average prepayment speed (CPR) | 16.00% | 12.70% |
Maximum [Member] | Discount rate | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Discount rate | 11.00% | 12.00% |
Weighted Average [Member] | Weighted-average prepayment speed (CPR) [Member] | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Weighted average prepayment speed (CPR) | 9.20% | 11.60% |
Weighted Average [Member] | Discount rate | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Discount rate | 11.00% | 12.00% |
Weighted Average [Member] | Weighted average delinquency rate [Member] | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Weighted average delinquency rate | 1.00% | 1.80% |
Fair Value - Summary Of The E_2
Fair Value - Summary Of The Estimated Change In The Fair Value Of The Nonrecourse MSR Financing Liability, At Fair Value From Adverse Changes In The Significant Assumptions (Detail) - Mortgage Servicing Rights Financing Liability [Member] $ in Thousands | Jun. 30, 2021USD ($) |
Impact on fair value of 10% adverse change | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |
Weighted Average Prepayment Speed | $ (1,231) |
Discount Rate | (2,112) |
Weighted Average Delinquency Rate | (23) |
Impact on fair value of 20% adverse change | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | |
Weighted Average Prepayment Speed | (2,889) |
Discount Rate | (4,552) |
Weighted Average Delinquency Rate | $ (58) |
Fair Value - Summary Of The Rec
Fair Value - Summary Of The Recognized Assets And Liabilities That Are Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 1,225,090 | $ 730,821 |
Mortgages Held-for-sale, Fair Value Disclosure | 2,057,542 | 2,222,811 |
Derivative Asset | 61,811 | 92,065 |
Retained beneficial interests | 15,671 | |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 6,000 | 18,934 |
Retained beneficial interests | 15,671 | |
Total assets | 19,397,700 | 18,570,645 |
HMBS related obligation | 10,168,224 | 9,788,668 |
Nonrecourse debt | 5,360,603 | 5,257,754 |
Nonrecourse MSR financing liability | 65,129 | 14,088 |
Deferred purchase price liabilities | 11,663 | 3,842 |
TRA Obligation | 32,810 | |
Total liabilities | 15,677,019 | 15,085,073 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 25,013 | 186 |
Total liabilities | 33,081 | 186 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,897,969 | 2,073,176 |
Total liabilities | 4,398 | 19,451 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 6,000 | 18,934 |
Retained beneficial interests | 15,671 | |
Total assets | 17,474,718 | 16,497,283 |
HMBS related obligation | 10,168,224 | 9,788,668 |
Nonrecourse debt | 5,360,603 | 5,257,754 |
Nonrecourse MSR financing liability | 65,129 | 14,088 |
Deferred purchase price liabilities | 11,663 | 3,842 |
TRA Obligation | 32,810 | |
Total liabilities | 15,639,540 | 15,065,436 |
Forward Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 4,364 | 18,634 |
Forward Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 4,364 | 18,634 |
Forward Commitments Tbas And Treasury Futures [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 1,176 | 1,332 |
Forward Commitments Tbas And Treasury Futures [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 31 | |
Forward Commitments Tbas And Treasury Futures [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 34 | 248 |
Forward Commitments Tbas And Treasury Futures [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 1,111 | 1,084 |
Interest Rate Swap Futures [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 13,789 | 755 |
Interest Rate Swap Futures [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 13,789 | 186 |
Interest Rate Swap Futures [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 569 | |
Warrant [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 19,261 | |
Warrant [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 19,261 | |
Reverse Mortgage Loans Held For Investment Subject To Hmbs Related Obligation [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 10,316,027 | 9,929,163 |
Reverse Mortgage Loans Held For Investment Subject To Hmbs Related Obligation [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 10,316,027 | 9,929,163 |
Mortgage Loans Held For Investment Reverse Mortgage Loans [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 1,020,143 | 661,790 |
Mortgage Loans Held For Investment Reverse Mortgage Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 1,020,143 | 661,790 |
Mortgage Loans Held For Investment Fix And Flip Mortgage Loans [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 44,578 | |
Mortgage Loans Held For Investment Fix And Flip Mortgage Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 44,578 | |
Agricultural Loans [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 160,369 | 69,031 |
Agricultural Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 160,369 | 69,031 |
Mortgage Loans Held For Sale Residential Mortgage Loans [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 1,908,107 | 2,080,585 |
Mortgage Loans Held For Sale Residential Mortgage Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 1,896,654 | 2,069,957 |
Mortgage Loans Held For Sale Residential Mortgage Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 11,453 | 10,628 |
Mortgage Loans Held For Sale SRL [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 96,569 | 60,467 |
Mortgage Loans Held For Sale SRL [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 96,569 | 60,467 |
Mortgage Loans Held For Sale Portfolio [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 52,866 | 38,850 |
Mortgage Loans Held For Sale Portfolio [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 52,866 | 38,850 |
Mortgage Loans Held For Sale Portfolio Fix And Flip Mortgage Loans [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 42,909 | |
Mortgage Loans Held For Sale Portfolio Fix And Flip Mortgage Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 42,909 | |
Mortgage Servicing Rights [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 290,938 | 180,684 |
Mortgage Servicing Rights [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing rights | 290,938 | 180,684 |
Forward Commitments Tbas And Treasury Futures [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1,187 | 1,806 |
Forward Commitments Tbas And Treasury Futures [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 32 | |
Forward Commitments Tbas And Treasury Futures [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 319 | 722 |
Forward Commitments Tbas And Treasury Futures [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 836 | 1,084 |
IRLCS [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 34,647 | 87,576 |
IRLCS [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 34,647 | 87,576 |
Forward Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 996 | |
Forward Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 996 | |
Interest Rate Swap Futures [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 24,981 | 2,683 |
Interest Rate Swap Futures [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 24,981 | 186 |
Interest Rate Swap Futures [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 2,497 | |
Nonrecourse [Member] | Mortgage Loans Held For Investment Reverse Mortgage Loans [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 5,189,679 | 5,057,624 |
Nonrecourse [Member] | Mortgage Loans Held For Investment Reverse Mortgage Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 5,189,679 | 5,057,624 |
Nonrecourse [Member] | Mortgage Loans Held For Investment Fix And Flip Mortgage Loans [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 234,942 | 338,543 |
Nonrecourse [Member] | Mortgage Loans Held For Investment Fix And Flip Mortgage Loans [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 234,942 | $ 338,543 |
Fair Value - Fair Value, Assets
Fair Value - Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Mortgage loans held for investment | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | $ 11,171,736 | $ 10,659,984 | $ 10,894,577 |
Total gain or losses included in earnings | 153,690 | 132,499 | 627,251 |
Purchases, settlements and transfers: | |||
Purchases and additions, net | 1,428,976 | 1,143,109 | 3,616,667 |
Sales and settlements | (615,958) | (534,738) | (1,536,977) |
Transfers in/(out) between categories | (597,327) | (229,118) | (2,941,534) |
Ending balance | 11,541,117 | 11,171,736 | 10,659,984 |
Mortgage loans held for investment, subject to nonrecourse debt | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 5,291,444 | 5,396,167 | 3,511,212 |
Total gain or losses included in earnings | 80,408 | (37,757) | 304,663 |
Purchases, settlements and transfers: | |||
Purchases and additions, net | 22,041 | 21,064 | 136,838 |
Sales and settlements | (522,141) | (360,128) | (1,285,902) |
Transfers in/(out) between categories | 552,869 | 272,098 | 2,729,356 |
Ending balance | 5,424,621 | 5,291,444 | 5,396,167 |
Mortgage loans held for sale | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 135,681 | 152,854 | 182,973 |
Total gain or losses included in earnings | 1,816 | 2,764 | (2,158) |
Purchases, settlements and transfers: | |||
Purchases and additions, net | 256,438 | 175,551 | 409,467 |
Sales and settlements | (275,956) | (152,579) | (605,018) |
Transfers in/(out) between categories | 42,909 | (42,909) | 167,590 |
Ending balance | 160,888 | 135,681 | 152,854 |
Derivative assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 38,574 | 88,660 | 14,008 |
Total gain or losses included in earnings | (3,066) | (50,040) | 74,470 |
Purchases, settlements and transfers: | |||
Purchases and additions, net | 182 | ||
Sales and settlements | (25) | (46) | |
Ending balance | 35,483 | 38,574 | 88,660 |
Mortgage servicing rights | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 267,364 | 180,684 | 2,600 |
Total gain or losses included in earnings | (26,536) | 20,349 | 4,562 |
Purchases, settlements and transfers: | |||
Purchases and additions, net | 50,110 | 74,978 | 173,522 |
Sales and settlements | (8,647) | ||
Ending balance | 290,938 | 267,364 | 180,684 |
Debt securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 102,260 | ||
Total gain or losses included in earnings | 2,288 | ||
Purchases, settlements and transfers: | |||
Purchases and additions, net | 24,489 | ||
Sales and settlements | (129,037) | ||
Retained Bonds | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total gain or losses included in earnings | 666 | ||
Purchases, settlements and transfers: | |||
Purchases and additions, net | 15,078 | ||
Sales and settlements | (73) | ||
Ending balance | 15,671 | ||
Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 9,470 | 18,934 | 20,508 |
Total gain or losses included in earnings | (3,470) | (9,464) | (5,512) |
Purchases, settlements and transfers: | |||
Purchases and additions, net | 3,938 | ||
Ending balance | $ 6,000 | $ 9,470 | $ 18,934 |
Fair Value - Fair Value, Liabil
Fair Value - Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
HMBS related obligations | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | $ (9,926,132) | $ (9,788,668) | $ (9,320,209) |
Total gains or losses included in earnings | (44,651) | (41,434) | (359,951) |
Purchases, settlements and transfers: | |||
Purchases and additions, net | (795,333) | (602,172) | (2,051,953) |
Sales and settlements | 597,892 | 506,142 | 1,943,445 |
Ending balance | (10,168,224) | (9,926,132) | (9,788,668) |
Derivative liabilities | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | (936) | (1,084) | (68) |
Total gains or losses included in earnings | (834) | ||
Purchases, settlements and transfers: | |||
Purchases and additions, net | (182) | ||
Sales and settlements | (175) | 148 | |
Ending balance | (1,111) | (936) | (1,084) |
Deferred purchase price liability | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | (3,214) | (3,842) | (4,300) |
Total gains or losses included in earnings | (1,760) | (29) | (3,014) |
Purchases, settlements and transfers: | |||
Purchases and additions, net | (7,000) | (138) | |
Sales and settlements | 311 | 657 | 3,610 |
Ending balance | (11,663) | (3,214) | (3,842) |
Nonrecourse debt | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | (5,205,892) | (5,257,754) | (3,490,196) |
Total gains or losses included in earnings | (32,601) | (30,770) | (294,802) |
Purchases, settlements and transfers: | |||
Purchases and additions, net | (796,376) | (575,668) | (3,110,368) |
Sales and settlements | 674,266 | 658,300 | 1,637,612 |
Ending balance | (5,360,603) | (5,205,892) | (5,257,754) |
Nonrecourse MSR financing liability | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | (22,051) | (14,088) | |
Total gains or losses included in earnings | 4,123 | 390 | 798 |
Purchases, settlements and transfers: | |||
Purchases and additions, net | (47,201) | (8,353) | (15,101) |
Sales and settlements | 215 | ||
Ending balance | (65,129) | $ (22,051) | $ (14,088) |
TRA Liability | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Total gains or losses included in earnings | (860) | ||
Purchases, settlements and transfers: | |||
Purchases and additions, net | (31,950) | ||
Ending balance | $ (32,810) |
Fair Value - Summary of the fai
Fair Value - Summary of the fair value and unpaid principal balance ("UPB") (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Estimated Fair Value | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | $ 10,316,027 | $ 9,929,163 |
Unpaid Principal Balance | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Unpaid Principal Balance | 9,406,924 | 9,045,104 |
Mortgage Loans Held For Investment Subject To Nonrecourse Debt [Member] | Estimated Fair Value | Reverse Mortgage Loans [Member] | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 5,189,680 | 5,057,624 |
Mortgage Loans Held For Investment Subject To Nonrecourse Debt [Member] | Estimated Fair Value | Commercial Mortgage Loans [Member] | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 234,941 | 338,543 |
Mortgage Loans Held For Investment Subject To Nonrecourse Debt [Member] | Unpaid Principal Balance | Reverse Mortgage Loans [Member] | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Unpaid Principal Balance | 4,615,128 | 4,457,805 |
Mortgage Loans Held For Investment Subject To Nonrecourse Debt [Member] | Unpaid Principal Balance | Commercial Mortgage Loans [Member] | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Unpaid Principal Balance | 229,858 | 333,344 |
Mortgage Loans Held For Investment [Member] | Estimated Fair Value | Reverse Mortgage Loans [Member] | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 1,020,143 | 661,790 |
Mortgage Loans Held For Investment [Member] | Estimated Fair Value | Commercial Mortgage Loans [Member] | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 204,947 | 69,031 |
Mortgage Loans Held For Investment [Member] | Unpaid Principal Balance | Reverse Mortgage Loans [Member] | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Unpaid Principal Balance | 879,794 | 589,429 |
Mortgage Loans Held For Investment [Member] | Unpaid Principal Balance | Commercial Mortgage Loans [Member] | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Unpaid Principal Balance | 202,195 | 69,127 |
Mortgage Loans Held For Sale [Member] | Estimated Fair Value | Commercial Mortgage Loans [Member] | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 149,435 | 142,226 |
Mortgage Loans Held For Sale [Member] | Estimated Fair Value | Residential Mortgage Loans [Member] | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 1,908,107 | 2,080,585 |
Mortgage Loans Held For Sale [Member] | Unpaid Principal Balance | Commercial Mortgage Loans [Member] | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Unpaid Principal Balance | 144,789 | 140,693 |
Mortgage Loans Held For Sale [Member] | Unpaid Principal Balance | Residential Mortgage Loans [Member] | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Unpaid Principal Balance | 1,858,087 | 2,000,795 |
HMBS Related Obligations [Member] | Estimated Fair Value | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 10,168,224 | 9,788,668 |
HMBS Related Obligations [Member] | Unpaid Principal Balance | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Unpaid Principal Balance | 9,406,924 | 9,045,104 |
Non Recourse Debt [Member] | Estimated Fair Value | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 5,360,603 | 5,257,754 |
Non Recourse Debt [Member] | Unpaid Principal Balance | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Unpaid Principal Balance | 5,276,781 | 5,155,017 |
Non Recourse MSR Financing Liability [Member] | Estimated Fair Value | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 65,129 | 14,088 |
Non Recourse MSR Financing Liability [Member] | Unpaid Principal Balance | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Unpaid Principal Balance | $ 65,129 | $ 14,088 |
Fair Value - Summary of the com
Fair Value - Summary of the components of net fair value gains on mortgage loans and related obligations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Summary of the components of net fair value gains on mortgage loans and related obligations [Line Items] | ||||
Interest income on mortgage loans | $ 173,940 | $ 160,568 | $ 217,841 | $ 401,513 |
Change in fair value of mortgage loans | 84,983 | (51,346) | 180,904 | 82,338 |
Change in fair value of mortgage backed securities | (1,470) | 817 | ||
Net fair value gains on mortgage loans | 258,923 | 109,222 | 397,275 | 484,668 |
Interest expense on related obligations | (113,474) | (119,201) | (127,488) | (261,845) |
Change in fair value of derivatives | (46,478) | 43,972 | 8,567 | (5,743) |
Change in fair value of related obligations | 32,180 | 42,670 | (166,051) | (91,397) |
Net fair value losses on related obligations | (127,772) | (32,559) | (284,972) | (358,985) |
Net fair value gains on mortgage loans and related obligations | $ 131,151 | $ 76,663 | $ 112,303 | $ 125,683 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Impact On Fair Value Of Ten Percentage Adverse Change [Member] | Mortgage Servicing Rights [Member] | ||
Additional Information [Line Items] | ||
Percentage of adverse change | 10.00% | |
Single Rental Loan Classified Under Mortgage Loans Held For Sale [Member] | ||
Additional Information [Line Items] | ||
Debt instrument term | 30 years | |
Portfolio Lending Classified Under Mortgage Loans Held For Sale [Member] | Five Years [Member] | ||
Additional Information [Line Items] | ||
Debt instrument, Balloon structure period | 5.00% | |
Portfolio Lending Classified Under Mortgage Loans Held For Sale [Member] | Ten Years [Member] | ||
Additional Information [Line Items] | ||
Debt instrument, Balloon structure period | 10.00% | |
Portfolio Lending Classified Under Mortgage Loans Held For Sale [Member] | Thirty Years [Member] | ||
Additional Information [Line Items] | ||
Debt instrument, Balloon structure period | 30.00% | |
Maximum [Member] | ||
Additional Information [Line Items] | ||
Discount rates utilized to value deferred purchase price liability | 30.00% | 30.00% |
Maximum [Member] | Fix And Flip Loans Classified Under Mortgage Loans Held For Investment Subject To Nonrecourse Debt [Member] | ||
Additional Information [Line Items] | ||
Debt instrument term | 18 months | |
Maximum [Member] | Agricultural Loans [Member] | ||
Additional Information [Line Items] | ||
Debt instrument term | 17 months | |
Maximum [Member] | Fix And Flip Loans Classified Under Mortgage Loans Held For Investment [Member] | ||
Additional Information [Line Items] | ||
Debt instrument term | 18 months | |
Maximum [Member] | Single Rental Loan Classified Under Mortgage Loans Held For Sale [Member] | ||
Additional Information [Line Items] | ||
Debt instrument, Stated interest rate | 8.00% | |
Maximum [Member] | Portfolio Lending Classified Under Mortgage Loans Held For Sale [Member] | ||
Additional Information [Line Items] | ||
Debt instrument, Fixed coupon rate | 6.20% | |
Maximum [Member] | Fix And Flip Loans Classified Under Mortgage Loans Held For Sale [Member] | ||
Additional Information [Line Items] | ||
Debt instrument term | 18 months | |
Minimum [Member] | ||
Additional Information [Line Items] | ||
Discount rates utilized to value deferred purchase price liability | 12.00% | |
Minimum [Member] | Fix And Flip Loans Classified Under Mortgage Loans Held For Investment Subject To Nonrecourse Debt [Member] | ||
Additional Information [Line Items] | ||
Debt instrument term | 9 months | |
Minimum [Member] | Agricultural Loans [Member] | ||
Additional Information [Line Items] | ||
Debt instrument term | 7 months | |
Minimum [Member] | Fix And Flip Loans Classified Under Mortgage Loans Held For Investment [Member] | ||
Additional Information [Line Items] | ||
Debt instrument term | 9 months | |
Minimum [Member] | Single Rental Loan Classified Under Mortgage Loans Held For Sale [Member] | ||
Additional Information [Line Items] | ||
Debt instrument, Stated interest rate | 5.00% | |
Minimum [Member] | Portfolio Lending Classified Under Mortgage Loans Held For Sale [Member] | ||
Additional Information [Line Items] | ||
Debt instrument, Fixed coupon rate | 5.00% | |
Minimum [Member] | Fix And Flip Loans Classified Under Mortgage Loans Held For Sale [Member] | ||
Additional Information [Line Items] | ||
Debt instrument term | 9 months | |
Mortgage Servicing Rights Financing Liability [Member] | ||
Additional Information [Line Items] | ||
Cumulative Percentage Change In Fair Value Of Servicing Rights Liabilities | 10.00% |
Reverse Mortgages Portfolio C_3
Reverse Mortgages Portfolio Composition - Summary of the Company's Serviced Reverse Mortgage Portfolio Composition and the Remaining UPBs of the Reverse Mortgage Loan Portfolio (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule of serviced reverse mortgage portfolio [Line Items] | ||
Reverse mortgage loans held for investment, subject to HMBS related obligations | $ 9,406,924 | $ 9,045,104 |
Total reverse mortgage loans held for investment | 879,794 | 589,429 |
Total reverse mortgage loans held for sale | 4,615,128 | 4,457,805 |
Total serviced reverse mortgage loan portfolio | 14,969,758 | 14,264,917 |
owned reverse mortgage portfolio | ||
Schedule of serviced reverse mortgage portfolio [Line Items] | ||
Total serviced reverse mortgage loan portfolio | 14,901,846 | 14,092,338 |
Loans reclassified as government guaranteed receivable | ||
Schedule of serviced reverse mortgage portfolio [Line Items] | ||
Total serviced reverse mortgage loan portfolio | 49,813 | 49,255 |
Loans serviced for others | ||
Schedule of serviced reverse mortgage portfolio [Line Items] | ||
Total serviced reverse mortgage loan portfolio | 18,099 | 123,324 |
Non Performing HECM Buyouts | ||
Schedule of serviced reverse mortgage portfolio [Line Items] | ||
Total reverse mortgage loans held for investment, subject to nonrecourse debt | 634,342 | 538,768 |
Non-agency reverse | ||
Schedule of serviced reverse mortgage portfolio [Line Items] | ||
Total reverse mortgage loans held for sale | 3,704,609 | 3,777,346 |
Performing HECM buyouts | ||
Schedule of serviced reverse mortgage portfolio [Line Items] | ||
Total reverse mortgage loans held for sale | 276,177 | 141,691 |
Non-agency reverse mortgages | ||
Schedule of serviced reverse mortgage portfolio [Line Items] | ||
Total reverse mortgage loans held for investment | 536,739 | 215,688 |
Loans not securitized | ||
Schedule of serviced reverse mortgage portfolio [Line Items] | ||
Total reverse mortgage loans held for investment | 254,004 | 168,292 |
Unpoolable loans | ||
Schedule of serviced reverse mortgage portfolio [Line Items] | ||
Total reverse mortgage loans held for investment | 80,487 | 197,395 |
Unpoolable tails | ||
Schedule of serviced reverse mortgage portfolio [Line Items] | ||
Total reverse mortgage loans held for investment | $ 8,564 | $ 8,054 |
Reverse Mortgages Portfolio C_4
Reverse Mortgages Portfolio Composition - Summary of the Company's Serviced Reverse Mortgage Portfolio Composition and the Remaining UPBs of the Reverse Mortgage Loan Portfolio (Parenthetical) (Detail) | Jun. 30, 2021 |
Maximum | |
Schedule of serviced reverse mortgage portfolio [Line Items] | |
Percentage of unpoolable loan | 98.00% |
Reverse Mortgages Portfolio C_5
Reverse Mortgages Portfolio Composition - Summarizes the Owned Reverse Mortgage Portfolio by Product Type (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Owned Reverse Mortgage Portfolio [Line Items] | ||
Total owned reverse mortgage portfolio | $ 14,901,846 | $ 14,092,338 |
Fixed rate loans | ||
Schedule Of Owned Reverse Mortgage Portfolio [Line Items] | ||
Total owned reverse mortgage portfolio | 5,181,814 | 5,010,659 |
Adjustable rate loans | ||
Schedule Of Owned Reverse Mortgage Portfolio [Line Items] | ||
Total owned reverse mortgage portfolio | $ 9,720,032 | $ 9,081,679 |
Reverse Mortgage Loans Held f_3
Reverse Mortgage Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value - Schedule of Reverse Mortgage Loans Held for Investment Subject to HMBS Related Obligations, Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Reverse Mortgage Loans Held For Investment Subject To HMBS Related Obligations, Fair Value [Line Items] | ||
Reverse mortgage loans held for investment, subject to HMBS related obligations - UPB | $ 9,406,924 | $ 9,045,104 |
Fair value adjustments | 909,103 | 884,059 |
Total reverse mortgage loans held for investment, subject to HMBS related obligations, at fair value | $ 10,316,027 | $ 9,929,163 |
Mortgage Loans Held for Inves_5
Mortgage Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value - Schedule of Mortgage Loans Held For Investment, Subject to Nonrecourse Debt, at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Mortgage Loans Held For Investment Subject To Nonrecourse Debt At Fair Value [Line Items] | ||
Fair value adjustments | $ 579,635 | $ 605,018 |
Total mortgage loans held for investment, subject to nonrecourse debt, at fair value | 5,424,621 | 5,396,167 |
Reverse mortgage loans | ||
Mortgage Loans Held For Investment Subject To Nonrecourse Debt At Fair Value [Line Items] | ||
Mortgage loans held for investment, subject to nonrecourse debt | 4,615,128 | 4,457,805 |
Commercial mortgage loans | ||
Mortgage Loans Held For Investment Subject To Nonrecourse Debt At Fair Value [Line Items] | ||
Mortgage loans held for investment, subject to nonrecourse debt | $ 229,858 | $ 333,344 |
Mortgage Loans Held for Inves_6
Mortgage Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value - Schedule of Mortgage Loans Held For Investment, Subject to Nonrecourse Debt that Were Greater Than 90 Days Past Due and on Non-Accrual Status (Detail) - Loans 90 Days Or More Past Due And On Non Accrual Status [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans 90 days or more past due and on non-accrual status | ||
Mortgage loans held for investment, Total Fair value | $ 33,764 | $ 32,377 |
Mortgage loans held for investment, Total Aggregate Unpaid Principal Balance | 34,159 | 33,888 |
Mortgage loans held for investment, Total Difference | (395) | (1,511) |
Commercial Mortgage Loans [Member] | ||
Loans 90 days or more past due and on non-accrual status | ||
Mortgage loans held for investment, Total Fair value | 33,764 | 32,377 |
Mortgage loans held for investment, Total Aggregate Unpaid Principal Balance | $ 34,159 | $ 33,888 |
Mortgage Loans Held for Inves_7
Mortgage Loans Held for Investment, at Fair Value - Schedule of Mortgage Loans Held For Investment At Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Mortgage Loans Held for Investment At Fair Value [Line Items] | ||
Fair value adjustments | $ 143,101 | $ 72,265 |
Total mortgage loans held for investment, at fair value | 1,225,090 | 730,821 |
Reverse Mortgage Loans [Member] | ||
Mortgage Loans Held for Investment At Fair Value [Line Items] | ||
Mortgage loans held for investment | 879,794 | 589,429 |
Commercial Mortgage Loans [Member] | ||
Mortgage Loans Held for Investment At Fair Value [Line Items] | ||
Mortgage loans held for investment | $ 202,195 | $ 69,127 |
Mortgage Loans Held for Sale,_3
Mortgage Loans Held for Sale, at Fair Value - Schedule of Mortgage Loans Held For Sale, At Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Mortgage Loans Held for Sale At Fair Value [Line Items] | ||
Fair value adjustments | $ 54,666 | $ 81,323 |
Total mortgage loans held for sale, at fair value | 2,057,542 | 2,222,811 |
Residential Mortgage Loans [Member] | ||
Mortgage Loans Held for Sale At Fair Value [Line Items] | ||
Mortgage loans held for sale | 1,858,087 | 2,000,795 |
Commercial Mortgage Loans [Member] | ||
Mortgage Loans Held for Sale At Fair Value [Line Items] | ||
Mortgage loans held for sale | $ 144,789 | $ 140,693 |
Mortgage Loans Held for Sale,_4
Mortgage Loans Held for Sale, at Fair Value - Schedule of Mortgage Loans Held For Sale that were Greater Than 90 Days Past Due And On Non-Accrual Status (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Mortgage Loans Held For Sale That Were Greater Than 90 Days Past Due And OnNonAccrualStatus [Line Items] | ||
Mortgage loans held for sale, Aggregate Unpaid Principal Balance | $ 15,954 | $ 18,553 |
Mortgage loans held for sale, Total Difference | (1,298) | (2,874) |
Residential Mortgage Loans [Member] | ||
Mortgage Loans Held For Sale That Were Greater Than 90 Days Past Due And OnNonAccrualStatus [Line Items] | ||
Mortgage loans held for sale, Aggregate Unpaid Principal Balance | 12,594 | 13,236 |
Commercial Mortgage Loans [Member] | ||
Mortgage Loans Held For Sale That Were Greater Than 90 Days Past Due And OnNonAccrualStatus [Line Items] | ||
Mortgage loans held for sale, Aggregate Unpaid Principal Balance | 3,360 | 5,317 |
Loans 90 Days Or More Past Due And On Non Accrual Status [Member] | ||
Mortgage Loans Held For Sale That Were Greater Than 90 Days Past Due And OnNonAccrualStatus [Line Items] | ||
Mortgage loans held for sale, Fair Value | 14,656 | 15,679 |
Loans 90 Days Or More Past Due And On Non Accrual Status [Member] | Residential Mortgage Loans [Member] | ||
Mortgage Loans Held For Sale That Were Greater Than 90 Days Past Due And OnNonAccrualStatus [Line Items] | ||
Mortgage loans held for sale, Fair Value | 11,453 | 10,628 |
Loans 90 Days Or More Past Due And On Non Accrual Status [Member] | Commercial Mortgage Loans [Member] | ||
Mortgage Loans Held For Sale That Were Greater Than 90 Days Past Due And OnNonAccrualStatus [Line Items] | ||
Mortgage loans held for sale, Fair Value | $ 3,203 | $ 5,051 |
Mortgage Loans Held for Sale,_5
Mortgage Loans Held for Sale, at Fair Value - Summary of Cash Flows between Transferor and Transferee Resulted from Sale of Mortgage Loans held for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Cash Flows From Sale of Mortgage Loans Held For Sale [Line Items] | ||||
Sales proceeds | $ 5,181,557 | $ 6,387,933 | $ 2,631,554 | $ 2,868,960 |
Fair value of retained beneficial interest | 49,308 | 66,400 | 43,500 | 44,855 |
Gross servicing fees received | 14,278 | 13,877 | 1,544 | 1,824 |
Repurchases | (6,818) | (4,144) | (3,380) | (8,547) |
Gain | $ 197,129 | $ 284,948 | $ 282,424 | $ 291,671 |
Mortgage Servicing Rights, at_3
Mortgage Servicing Rights, at Fair Value - Summary of Servicing Portfolio and its Activities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Servicing Assets at Fair Value [Line Items] | ||||||
Servicing rights | $ 30,592,187 | $ 30,592,187 | $ 22,269,362 | |||
Weighted average interest rate | 3.00% | 3.10% | ||||
Capitalized servicing rights [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Beginning balance | 26,675,358 | $ 22,269,362 | $ 402,852 | $ 22,269,362 | $ 288,057 | $ 288,057 |
Originations | 5,139,859 | 6,312,227 | 6,849,850 | 6,986,237 | ||
Purchases | 5,537 | 866,806 | ||||
Payoffs, sales and curtailments | (1,228,567) | (2,773,037) | (40,859) | (62,451) | ||
Changes in fair value due to: | ||||||
Ending Balance | 30,592,187 | 26,675,358 | 7,211,843 | 30,592,187 | 7,211,843 | 22,269,362 |
Mortgage Servicing Rights [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Beginning balance | 267,364 | 180,684 | 3,119 | 180,684 | 2,600 | 2,600 |
Originations | 50,049 | 65,964 | 43,561 | 44,855 | ||
Purchases | 61 | 9,014 | ||||
Payoffs, sales and curtailments | (8,647) | |||||
Changes in fair value due to: | ||||||
Changes in market inputs or assumptions used in valuation model | (16,051) | 35,109 | (2,749) | (3,424) | ||
Changes in fair value due to portfolio runoff and other | (10,485) | (14,760) | (1,247) | (1,347) | ||
Ending Balance | 290,938 | $ 267,364 | $ 42,684 | 290,938 | $ 42,684 | 180,684 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Servicing rights | 29,705,985 | 29,705,985 | 20,501,504 | |||
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Servicing rights | 553,800 | 553,800 | 1,727,831 | |||
Private Investors [Member] | ||||||
Servicing Assets at Fair Value [Line Items] | ||||||
Servicing rights | $ 332,402 | $ 332,402 | $ 40,027 |
Mortgage Servicing Rights, at_4
Mortgage Servicing Rights, at Fair Value - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Transfers and Servicing [Abstract] | ||||
Contractually specified servicing fees, late fees, and other ancillary servicing revenue | $ 13.7 | $ 13 | $ 1.7 | $ 1.8 |
Mortgage Servicing Rights, at_5
Mortgage Servicing Rights, at Fair Value - Summary of Information Regarding Loan Servicing Portfolio Delinquencies Percentages and Unpaid Balances (Detail) | Jun. 30, 2021 | Dec. 31, 2020 |
Servicing Assets at Fair Value [Line Items] | ||
Number of Loans | 0.50% | 0.80% |
Unpaid Balance | 0.50% | 0.70% |
Foreclosure/real estate owned [member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Number of Loans | 0.00% | 0.00% |
Unpaid Balance | 0.00% | 0.00% |
Portfolio delinquency 30 days [member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Number of Loans | 0.40% | 0.50% |
Unpaid Balance | 0.40% | 0.50% |
60 days [member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Number of Loans | 0.00% | 0.10% |
Unpaid Balance | 0.00% | 0.10% |
90 or more days [member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Number of Loans | 0.10% | 0.20% |
Unpaid Balance | 0.10% | 0.10% |
Derivative and Risk Managemen_3
Derivative and Risk Management Activities - Summary of Derivative Instruments (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative assets | ||
Derivative assets, Fair value | $ 61,811 | $ 92,065 |
Derivative assets, Notional amount | 8,854,035 | 4,683,491 |
Derivative assets, Unrealized gains (losses) | (30,254) | 76,512 |
Derivative liabilities | ||
Derivative liabilities, Fair value | 19,329 | 20,722 |
Derivative liabilities, Notional amount | 4,025,593 | 4,334,744 |
Derivative liabilities, Unrealized gains (losses) | 1,393 | (18,384) |
Interest rate lock commitments [Member] | ||
Derivative assets | ||
Derivative assets, Fair value | 34,647 | 87,576 |
Derivative assets, Notional amount | 2,539,030 | 2,897,479 |
Derivative assets, Unrealized gains (losses) | (52,929) | 73,568 |
Derivative liabilities | ||
Derivative liabilities, Notional amount | 13,822 | |
Derivative liabilities, Unrealized gains (losses) | 68 | |
Forward commitments, TBAs securities, and treasury futures [Member] | ||
Derivative assets | ||
Derivative assets, Fair value | 1,187 | 1,806 |
Derivative assets, Notional amount | 895,807 | 399,612 |
Derivative assets, Unrealized gains (losses) | (619) | 968 |
Derivative liabilities | ||
Derivative liabilities, Fair value | 1,176 | 1,332 |
Derivative liabilities, Notional amount | 954,493 | 389,422 |
Derivative liabilities, Unrealized gains (losses) | 156 | (1,248) |
Interest rate swaps and futures contracts [Member] | ||
Derivative assets | ||
Derivative assets, Fair value | 24,981 | 2,683 |
Derivative assets, Notional amount | 4,616,698 | 1,386,400 |
Derivative assets, Unrealized gains (losses) | 22,298 | 2,324 |
Derivative liabilities | ||
Derivative liabilities, Fair value | 13,789 | 755 |
Derivative liabilities, Notional amount | 1,082,600 | 744,500 |
Derivative liabilities, Unrealized gains (losses) | (13,034) | (617) |
Forward MBS [Member] | ||
Derivative assets | ||
Derivative assets, Fair value | 996 | |
Derivative assets, Notional amount | 802,500 | |
Derivative assets, Unrealized gains (losses) | 996 | (348) |
Derivative liabilities | ||
Derivative liabilities, Fair value | 4,364 | 18,635 |
Derivative liabilities, Notional amount | 1,988,500 | 3,187,000 |
Derivative liabilities, Unrealized gains (losses) | $ 14,271 | $ (16,587) |
Derivative and Risk Managemen_4
Derivative and Risk Management Activities - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Pledged deposits | $ 4.1 | $ 12 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Beginning balance | $ 0 | $ 121,233 | $ 121,137 | $ 121,137 |
Additions from acquisitions | 1,298,324 | 7,517 | 617 | 617 |
Ending balance | $ 1,298,324 | $ 128,750 | $ 121,754 | $ 121,754 |
Goodwill - Summary of Goodwil_2
Goodwill - Summary of Goodwill Allocated to Each Reporting Unit Consisted (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Apr. 01, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | |||||||
Goodwill | $ 1,298,324 | $ 0 | $ 128,750 | $ 121,233 | $ 121,754 | $ 121,137 | $ 121,137 |
Mortgage Originations [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 711,306 | 44,429 | |||||
Reverse Originations [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 404,441 | ||||||
Commercial Originations [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 75,350 | 43,113 | |||||
Lender Services [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 100,128 | 25,247 | |||||
Portfolio Management | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 7,099 | $ 8,444 |
Goodwill - Additional informati
Goodwill - Additional information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill, Impairment Loss, Net of Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Total non-amortizing intangibles | $ 178,000 | $ 5,422 |
Amortizing Intangibles, Cost | 539,700 | 23,681 |
Accumulated Amortization | (13,457) | (12,172) |
Amortizing Intangibles, Net | 526,243 | 11,509 |
Total intangibles, Cost | 717,700 | 29,103 |
Total intangibles, Net | $ 704,243 | 16,931 |
Customer Lists [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortizing Intangibles, Cost | 12,754 | |
Accumulated Amortization | (5,100) | |
Amortizing Intangibles, Net | $ 7,654 | |
Customer Lists [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 12 years | |
Customer Lists [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 5 years | |
Broker/customer relationships [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 10 years | |
Amortizing Intangibles, Cost | $ 530,900 | $ 7,627 |
Accumulated Amortization | (13,237) | (5,429) |
Amortizing Intangibles, Net | $ 517,663 | 2,198 |
Broker/customer relationships [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 15 years | |
Broker/customer relationships [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 8 years | |
Trade names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 10 years | |
Amortizing Intangibles, Cost | $ 8,800 | 2,495 |
Accumulated Amortization | (220) | (1,487) |
Amortizing Intangibles, Net | $ 8,580 | $ 1,008 |
Trade names [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 20 years | |
Trade names [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 5 years | |
Technology assets [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 5 years | |
Amortizing Intangibles, Cost | $ 805 | |
Accumulated Amortization | (156) | |
Amortizing Intangibles, Net | 649 | |
Trade names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Total non-amortizing intangibles | $ 178,000 | $ 5,422 |
Intangible Assets, Net - Summ_2
Intangible Assets, Net - Summary of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
2021 | $ 26,914 | |
2022 | 53,828 | |
2023 | 53,828 | |
2024 | 53,828 | |
2025 | 53,828 | |
Thereafter | 284,017 | |
Total future amortization expense | $ 526,243 | $ 11,509 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||
Amortization expense | $ 13.5 | $ 0.6 | $ 0.6 | $ 1.3 |
Other Assets, Net - Summary of
Other Assets, Net - Summary of Other Assets, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other Assets [Abstract] | ||
Right-of-use assets | $ 62,835 | $ 46,609 |
Government guaranteed receivables | 48,087 | 46,481 |
Receivables, net of allowance of $— and $788, respectively | 48,666 | 67,011 |
Loan subject to repurchase from GNMA | 30,027 | 42,148 |
Prepaid expenses | 26,070 | 17,536 |
Retained bonds | 15,671 | |
Investments, at fair value | 6,554 | 18,934 |
Servicer advances, net of allowance of $— and $1,661, respectively | 6,318 | 5,795 |
Deposits | 2,438 | 14,188 |
Receivable from clearing organization | 2,041 | 2,043 |
Other | 51,546 | 39,887 |
Total other assets, net | $ 300,253 | $ 300,632 |
Other Assets, Net - Summary o_2
Other Assets, Net - Summary of Other Assets, Net (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other Assets [Abstract] | ||
Receivables, net of allowance | $ 1,452 | $ 788 |
Servicer advances, net of allowance | $ 2,002 | $ 1,661 |
Other Assets, Net - Additional
Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Other Assets [Abstract] | ||
Proceeds from mortgage loans held for investment | $ 368.6 | $ 380.3 |
HMBS Related Obligations, at _3
HMBS Related Obligations, at Fair Value - Summary of HMBS Related Obligations, At Fair Value (Detail) - Home Equity Conversion Mortgage Backed Security - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Home Equity Conversion Mortgage Backed Security Related Obligations At Fair Value [Line Items] | ||
GNMA loan pools—UPB | $ 9,406,924 | $ 9,045,104 |
Fair value adjustments | 761,300 | 743,564 |
Total HMBS related obligations, at fair value | $ 10,168,224 | $ 9,788,668 |
Weighted average remaining life | 4 years 4 months 24 days | 4 years 6 months |
Weighted average interest rate | 2.60% | 3.00% |
HMBS Related Obligations, at _4
HMBS Related Obligations, at Fair Value - Additional information (Detail) - LoanPools | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Home Equity Conversion Mortgage Backed Security Related Obligations At Fair Value [Abstract] | ||
GNMA loan pools | 1,765 | 1,693 |
Nonrecourse Debt, at Fair Val_2
Nonrecourse Debt, at Fair Value - Summary of Nonrecourse Debt at Fair Value (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Original Issue Amount | $ 350,000 | $ 350,009 |
Total nonrecourse debt | 5,276,781 | 5,155,007 |
Nonrecourse MSR financing liability, at fair value | 65,129 | 14,088 |
Fair value adjustments | 83,822 | 102,747 |
Total nonrecourse debt, at fair value | $ 5,425,732 | 5,271,842 |
2021 FASST HB1 | Securitization of nonperforming HECM loans | ||
Debt Instrument [Line Items] | ||
Issue Date | February 2021 | |
Class of Note | A, M1, M2, M3, M4, M5 | |
Final Maturity Date | February 2031 | |
Original Issue Amount | $ 571,448 | |
Total nonrecourse debt | $ 537,299 | |
2021 FASST HB1 | Securitization of nonperforming HECM loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.90% | |
2021 FASST HB1 | Securitization of nonperforming HECM loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 9.00% | |
2020 FASST HB2 | Securitization of nonperforming HECM loans | ||
Debt Instrument [Line Items] | ||
Issue Date | July 2020 | |
Class of Note | A, M1, M2, M3, M4, M5 | |
Final Maturity Date | July 2030 | |
Original Issue Amount | $ 594,171 | |
Total nonrecourse debt | $ 446,413 | 476,147 |
2020 FASST HB2 | Securitization of nonperforming HECM loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.71% | |
2020 FASST HB2 | Securitization of nonperforming HECM loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7.75% | |
2020 FA AST HB1 | Securitization of nonperforming HECM loans | ||
Debt Instrument [Line Items] | ||
Issue Date | February 2020 | |
Class of Note | A, M1, M2, M3, M4, M5 | |
Final Maturity Date | February 2030 | |
Original Issue Amount | $ 373,912 | |
Total nonrecourse debt | $ 0 | 298,883 |
2020 FA AST HB1 | Securitization of nonperforming HECM loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.00% | |
2020 FA AST HB1 | Securitization of nonperforming HECM loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.00% | |
2021 FASST JR 1 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | April 2021 | |
Class of Note | A1, A2 | |
Final Maturity Date | April 2026 | |
Original Issue Amount | $ 562,512 | |
Total nonrecourse debt | $ 512,794 | |
2021 FASST JR 1 | Securitization of non-agency reverse loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.50% | |
2021 FASST JR 1 | Securitization of non-agency reverse loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.00% | |
2019 FASST JR2 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | June 2019 | |
Class of Note | A, A2 | |
Final Maturity Date | June 2069 | |
Interest Rate | 2.00% | |
Original Issue Amount | $ 499,000 | |
Total nonrecourse debt | $ 406,709 | 440,141 |
2018 FASST JR1 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | May 2018 | |
Class of Note | A | |
Final Maturity Date | May 2068 | |
Interest Rate | 4.30% | |
Original Issue Amount | $ 559,197 | |
Total nonrecourse debt | $ 386,548 | 428,671 |
2019 FASST JR3 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | September 2019 | |
Class of Note | A | |
Final Maturity Date | September 2069 | |
Interest Rate | 2.00% | |
Original Issue Amount | $ 450,104 | |
Total nonrecourse debt | $ 359,772 | 404,057 |
2020 FASST JR3 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | August 2020 | |
Class of Note | A, A2 | |
Final Maturity Date | August 2025 | |
Original Issue Amount | $ 360,713 | |
Total nonrecourse debt | $ 315,570 | 337,099 |
2020 FASST JR3 | Securitization of non-agency reverse loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.00% | |
2020 FASST JR3 | Securitization of non-agency reverse loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.00% | |
2019 FASST JR4 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | November 2019 | |
Class of Note | A | |
Final Maturity Date | November 2069 | |
Interest Rate | 2.00% | |
Original Issue Amount | $ 365,685 | |
Total nonrecourse debt | $ 305,097 | 335,945 |
2019 FASST JR1 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | March 2019 | |
Class of Note | A | |
Final Maturity Date | March 2069 | |
Interest Rate | 2.00% | |
Original Issue Amount | $ 347,000 | |
Total nonrecourse debt | $ 288,654 | 309,840 |
2020 FASST JR2 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | May 2020 | |
Class of Note | A1A, A1B, A2 | |
Final Maturity Date | May 2023 | |
Original Issue Amount | $ 305,658 | |
Total nonrecourse debt | $ 277,694 | 291,827 |
2020 FASST JR2 | Securitization of non-agency reverse loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.00% | |
2020 FASST JR2 | Securitization of non-agency reverse loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.00% | |
2018 FASST JR2 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | December 2018 | |
Class of Note | A | |
Final Maturity Date | December 2068 | |
Interest Rate | 4.50% | |
Original Issue Amount | $ 280,400 | |
Total nonrecourse debt | $ 229,872 | 253,325 |
2020 FASST JR1 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | April 2020 | |
Class of Note | A, A2 | |
Final Maturity Date | April 2023 | |
Interest Rate | 2.00% | |
Original Issue Amount | $ 254,805 | |
Total nonrecourse debt | $ 0 | 240,563 |
2020 FASST JR4 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | October 2020 | |
Class of Note | A, A2 | |
Final Maturity Date | August 2025 | |
Original Issue Amount | $ 241,664 | |
Total nonrecourse debt | $ 197,970 | 217,385 |
2020 FASST JR4 | Securitization of non-agency reverse loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.00% | |
2020 FASST JR4 | Securitization of non-agency reverse loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.00% | |
2020 FASST S2 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | June 2020 | |
Class of Note | A1, A2 | |
Final Maturity Date | March 2025 | |
Interest Rate | 2.00% | |
Original Issue Amount | $ 320,460 | |
Total nonrecourse debt | $ 286,734 | 299,401 |
2020 FASST S3 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | December 2020 | |
Class of Note | A1, A2 | |
Final Maturity Date | December 2025 | |
Original Issue Amount | $ 313,357 | |
Total nonrecourse debt | $ 288,383 | 297,871 |
2020 FASST S3 | Securitization of non-agency reverse loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.50% | |
2020 FASST S3 | Securitization of non-agency reverse loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.50% | |
2020 FASST S1 | Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | March 2020 | |
Class of Note | A1, A2 | |
Final Maturity Date | March 2025 | |
Original Issue Amount | $ 199,000 | |
Total nonrecourse debt | $ 168,761 | 181,059 |
2020 FASST S1 | Securitization of non-agency reverse loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.00% | |
2020 FASST S1 | Securitization of non-agency reverse loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.70% | |
2021 RTL1 ANTLR | Securitization of fix & flip loans | ||
Debt Instrument [Line Items] | ||
Issue Date | April 2021 | |
Class of Note | A1, A2, M | |
Final Maturity Date | November 2024 (A1); January 2025 (A2); May 2025 (M) | |
Original Issue Amount | $ 268,511 | |
Total nonrecourse debt | $ 268,511 | |
2021 RTL1 ANTLR | Securitization of fix & flip loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.10% | |
2021 RTL1 ANTLR | Securitization of fix & flip loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.40% | |
2020 RTL1 ANTLR | Securitization of fix & flip loans | ||
Debt Instrument [Line Items] | ||
Issue Date | May 2020 | |
Class of Note | A1, A2 | |
Final Maturity Date | May 2022 (A1, A2) | |
Original Issue Amount | $ 306,517 | |
Total nonrecourse debt | 140,072 | |
2020 RTL1 ANTLR | Securitization of fix & flip loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.90% | |
2020 RTL1 ANTLR | Securitization of fix & flip loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 8.00% | |
2018 RTL1 ANTLR | Securitization of fix & flip loans | ||
Debt Instrument [Line Items] | ||
Issue Date | September 2018 | |
Class of Note | A1, A2, A-VFN, M | |
Final Maturity Date | July 2022 (A1, A2); March 2023 (M) | |
Original Issue Amount | $ 210,296 | |
Total nonrecourse debt | 80,949 | |
2018 RTL1 ANTLR | Securitization of fix & flip loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.30% | |
2018 RTL1 ANTLR | Securitization of fix & flip loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 7.40% | |
2019 RTL1 ANTLR | Securitization of fix & flip loans | ||
Debt Instrument [Line Items] | ||
Issue Date | March 2019 | |
Class of Note | A1, A2, A-VFN, M | |
Final Maturity Date | June 2022 (A1, A2); January 2023 (M) | |
Original Issue Amount | $ 217,100 | |
Total nonrecourse debt | $ 121,772 | |
2019 RTL1 ANTLR | Securitization of fix & flip loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.50% | |
2019 RTL1 ANTLR | Securitization of fix & flip loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.90% |
Other Financing Lines of Cred_3
Other Financing Lines of Credit - Additional Information (Details) - Line of Credit [Member] | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt outstanding, Weighted average interest rate | 2.57% | 3.15% |
Debt Instrument, Covenant Description | The Company’s borrowing arrangements and credit facilities contain various financial covenants which primarily relate to required tangible net worth amounts, liquidity reserves, leverage requirements, and profitability requirements. As a result of market disruptions and fair value accounting adjustments taken in March 2020 resulting from the COVID-19 pandemic, FACo was in violation of its first, second, and third quarter 2020 profitability covenants with two of its warehouse lenders. The Company received waivers of these covenant violations from both lenders as well as amendments to profitability covenants for the remaining quarters of 2020. | |
Debt Instrument, Covenant Compliance | The terms of the Company’s financing arrangements and credit facilities contain covenants, and the terms of the Company’s GSE/seller servicer contracts contain requirements that may restrict the Company and its subsidiaries from paying distributions to its members. These restrictions include restrictions on paying distributions, whenever the payment of such distributions would cause FoA to no longer be in compliance with any of its financial covenants or GSE requirements. Further, the Company is generally prohibited under Delaware law from making a distribution to a member to the extent that, at the time of the distribution, after giving effect to the distribution, liabilities of the Company (with certain exceptions) exceed the fair value of its assets. Subsidiaries of the Company are generally subject to similar legal limitations on their ability to make distributions to FoA. |
Other Financing Lines of Cred_4
Other Financing Lines of Credit - Summary Of Maximum Allowable Distributions Available To The Company Based On The Most Restrictive Of Such Financial Covenant Ratios (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Finance of America Mortgage LLC [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | $ 191,383 | $ 289,163 |
Liquidity | $ 60,697 | $ 56,775 |
Leverage Ratio | 13.3:1 | 9.3:1 |
Material Decline In Lender Adjusted Net Worth [Abstract] | ||
Lender Adjusted Tangible Net Worth (Quarterly requirement) | $ 191,383 | $ 282,062 |
Lender Adjusted Tangible Net Worth (Two-Consecutive Quarterly requirement) | 191,383 | 282,062 |
Finance of America Mortgage LLC [Member] | Requirement [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | 150,000 | 125,000 |
Liquidity | $ 40,000 | $ 40,000 |
Leverage Ratio | 15:1 | 15:1 |
Material Decline In Lender Adjusted Net Worth [Abstract] | ||
Lender Adjusted Tangible Net Worth (Quarterly requirement) | $ 294,790 | $ 210,428 |
Lender Adjusted Tangible Net Worth (Two-Consecutive Quarterly requirement) | 215,803 | 93,763 |
Finance of America Mortgage LLC [Member] | Maximum Allowable Distribution [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | 41,383 | 164,163 |
Liquidity | $ 20,697 | $ 16,775 |
Leverage Ratio | 21,591 | 110,267 |
Material Decline In Lender Adjusted Net Worth [Abstract] | ||
Lender Adjusted Tangible Net Worth (Quarterly requirement) | $ (103,406) | $ 71,634 |
Lender Adjusted Tangible Net Worth (Two-Consecutive Quarterly requirement) | (24,419) | 188,299 |
Finance of America Commercial LLC [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | 93,411 | 126,672 |
Liquidity | $ 28,579 | $ 46,385 |
Leverage Ratio | 3.6:1 | 1.7:1 |
Finance of America Commercial LLC [Member] | Requirement [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | $ 85,000 | $ 85,000 |
Liquidity | $ 20,000 | $ 20,000 |
Leverage Ratio | 6:1 | 6:1 |
Finance of America Commercial LLC [Member] | Maximum Allowable Distribution [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | $ 8,411 | $ 41,672 |
Liquidity | $ 8,579 | $ 26,385 |
Leverage Ratio | 37,192 | 90,782 |
Finance of America Reverse LLC [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | $ 449,271 | $ 474,128 |
Liquidity | $ 25,120 | $ 36,425 |
Leverage Ratio | 3.6:1 | 2.5:1 |
Material Decline In Lender Adjusted Net Worth [Abstract] | ||
Lender Adjusted Tangible Net Worth (Quarterly requirement) | $ 448,047 | $ 472,458 |
Lender Adjusted Tangible Net Worth (Two-Consecutive Quarterly requirement) | 448,047 | 472,458 |
Finance of America Reverse LLC [Member] | Requirement [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | 398,288 | 300,000 |
Liquidity | $ 20,000 | $ 20,000 |
Leverage Ratio | 6:1 | 5.5:1 |
Material Decline In Lender Adjusted Net Worth [Abstract] | ||
Lender Adjusted Tangible Net Worth (Quarterly requirement) | $ 302,921 | $ 314,091 |
Lender Adjusted Tangible Net Worth (Two-Consecutive Quarterly requirement) | 354,344 | 205,619 |
Finance of America Reverse LLC [Member] | Maximum Allowable Distribution [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | 50,983 | 174,128 |
Liquidity | $ 5,120 | $ 16,425 |
Leverage Ratio | 180,788 | 258,615 |
Material Decline In Lender Adjusted Net Worth [Abstract] | ||
Lender Adjusted Tangible Net Worth (Quarterly requirement) | $ 145,126 | $ 158,367 |
Lender Adjusted Tangible Net Worth (Two-Consecutive Quarterly requirement) | $ 93,703 | $ 266,839 |
Other Financing Lines of Cred_5
Other Financing Lines of Credit - Summary Of Components of other financing lines of credit (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Feb. 28, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | |||
Total Capacity | $ 6,066,690 | ||
Outstanding borrowings | 3,412,234 | $ 2,973,743 | |
Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Capacity | 3,688,951 | ||
Outstanding borrowings | 1,940,176 | 1,997,464 | |
Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Capacity | 1,613,715 | ||
Outstanding borrowings | 1,159,093 | 767,959 | |
Commercial Lines Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Capacity | 764,024 | ||
Outstanding borrowings | $ 312,965 | 208,320 | |
March 2026 $150M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | March 2026 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | MSRs | ||
Total Capacity | $ 150,000 | ||
Outstanding borrowings | $ 125,113 | 0 | |
March 2022 $200M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | March 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 200,000 | ||
Outstanding borrowings | $ 155,468 | 97,225 | |
March 2022 $200M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | March 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | N/A | ||
Total Capacity | $ 200,000 | ||
Outstanding borrowings | $ 189,464 | 302,877 | |
March 2022 $225M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | March 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 225,000 | ||
Outstanding borrowings | $ 163,678 | 154,097 | |
March 2022 $300M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | March 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 300,000 | ||
Outstanding borrowings | $ 192,417 | 182,015 | |
February 2022 $300M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | February 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 300,000 | ||
Outstanding borrowings | $ 186,754 | 0 | |
May 2022 $200M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | May 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 200,000 | ||
Outstanding borrowings | $ 189,050 | 109,463 | |
October 2021 $250M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | October 2021 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 250,000 | ||
Outstanding borrowings | $ 65,541 | 170,174 | |
August 2021 $200M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | August 2021 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 200,000 | ||
Outstanding borrowings | $ 59,663 | 126,047 | |
August 2021 $300M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | August 2021 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 300,000 | ||
Outstanding borrowings | $ 40,562 | 15,719 | |
July 2021 $200M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | July 2021 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 200,000 | ||
Outstanding borrowings | $ 167,207 | 122,075 | |
April 2022 $250M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | April 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 250,000 | ||
Outstanding borrowings | $ 122,412 | 225,837 | |
April 2022 $250M Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | April 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 250,000 | ||
Outstanding borrowings | $ 214,245 | 173,484 | |
May 2022 $350M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | May 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 350,000 | ||
Outstanding borrowings | $ 102,332 | 283,821 | |
February 2021 $50M Facility | |||
Line of Credit Facility [Line Items] | |||
Total Capacity | $ 50,000 | ||
February 2021 $50M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | February 2021 | ||
Interest rate | Prime + applicable margin; 5.00% floor | ||
Collateral pledge | MSRs | ||
Total Capacity | $ 50,000 | ||
Outstanding borrowings | 50,000 | ||
October 2021 $200M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | October 2021 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 200,000 | ||
Outstanding borrowings | $ 166,564 | 158,114 | |
$200M Repo Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | N/A | ||
Interest rate | Bond accrual rate + applicable margin | ||
Collateral pledge | Mortgage Related Assets | ||
Total Capacity | $ 200,000 | ||
Outstanding borrowings | $ 176,549 | 174,578 | |
$1.2M Repo Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | N/A | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | Mortgage Related Assets | ||
Total Capacity | $ 1,215 | ||
Outstanding borrowings | $ 1,215 | 1,188 | |
April 2022 $50M Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | April 2022 | ||
Interest rate | Prime + applicable margin; 6.00% floor | ||
Collateral pledge | Unsecuritized Tails | ||
Total Capacity | $ 50,000 | ||
Outstanding borrowings | $ 38,757 | 37,442 | |
August 2021 $50M Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | August 2021 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 50,000 | ||
Outstanding borrowings | $ 24,329 | 2,860 | |
October 2021 $400M Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | October 2021 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 400,000 | ||
Outstanding borrowings | $ 257,257 | 84,124 | |
December 2021 $100M Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | December 2021 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 100,000 | ||
Outstanding borrowings | $ 89,226 | 61,220 | |
March 2022 $100M Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | March 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 100,000 | ||
Outstanding borrowings | $ 87,936 | 15,803 | |
April 2022 $52.5M Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | April 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | Mortgage Related Assets | ||
Total Capacity | $ 52,500 | ||
Outstanding borrowings | $ 52,500 | 50,239 | |
April 2022 $45M Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | April 2022 | ||
Interest rate | 9.00% | ||
Collateral pledge | Mortgage Related Assets | ||
Total Capacity | $ 45,000 | ||
Outstanding borrowings | $ 28,220 | 26,875 | |
February 2024 $90M Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | February 2024 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | MSRs | ||
Total Capacity | $ 90,000 | ||
Outstanding borrowings | $ 89,497 | 0 | |
$2M Securities Repo Line | Commercial Lines Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | N/A | ||
Interest rate | Distributed Bond Interest + 50 bps | ||
Collateral pledge | Mortgage Related Assets | ||
Total Capacity | $ 2,000 | ||
Outstanding borrowings | 6,411 | ||
April 2023 $145M Facility | Commercial Lines Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | April 2023 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 145,000 | ||
Outstanding borrowings | $ 86,055 | 100,070 | |
September 2022 $150M Facility | Commercial Lines Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | September 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | Encumbered Agricultural Loans | ||
Total Capacity | $ 150,000 | ||
Outstanding borrowings | $ 112,229 | 52,300 | |
February 2022 $150M Facility | Commercial Lines Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | February 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 150,000 | ||
Outstanding borrowings | $ 33,768 | ||
August 2022 $75M | Commercial Lines Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | August 2022 | ||
Interest rate | 2.50% - 3.25% | ||
Collateral pledge | Encumbered Agricultural Loans | ||
Total Capacity | $ 75,000 | ||
Outstanding borrowings | $ 24,746 | ||
Securities Repo Line | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | Mortgage Related Asset | ||
Total Capacity | $ 13,951 | ||
Outstanding borrowings | $ 13,951 | ||
June 2023 $300M Facility | Mortgage Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | June 2023 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 300,000 | ||
June 2022 $75M Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | June 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 75,000 | ||
Outstanding borrowings | $ 72,479 | 11,423 | |
June 2022 $200M Facility | Reverse Line Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | June 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 200,000 | ||
Outstanding borrowings | $ 26,883 | 128,723 | |
November 2023 $65M Facility | Commercial Lines Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | November 2023 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 65,000 | ||
Outstanding borrowings | $ 30,528 | 28,064 | |
$4M Securities Repo Line | Commercial Lines Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | N/A | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | Mortgage Related Assets | ||
Total Capacity | $ 4,024 | ||
Outstanding borrowings | $ 4,024 | ||
February 2022 $150M Facility | Commercial Lines Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | February 2022 | ||
Interest rate | LIBOR + applicable margin | ||
Collateral pledge | First Lien Mortgages | ||
Total Capacity | $ 150,000 | ||
Outstanding borrowings | $ 715 | ||
August 2022 $25M Facility | Commercial Lines Of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Maturity date | August 2022 | ||
Interest rate | 10.00% | ||
Collateral pledge | Second Lien Mortgages | ||
Total Capacity | $ 25,000 | ||
Outstanding borrowings | $ 20,900 | $ 21,475 |
Other Financing Lines of Cred_6
Other Financing Lines of Credit - Summary Of Components of other financing lines of credit (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Feb. 28, 2021 | |
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 6,066,690 | |
Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 3,688,951 | |
Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 1,613,715 | |
Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 764,024 | |
March 2026 $150M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 150,000 | |
March 2022 $200M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 200,000 | |
March 2022 $225M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 225,000 | |
March 2022 $300M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 300,000 | |
February 2022 $300M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 300,000 | |
May 2022 $200M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 200,000 | |
October 2021 $250M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 250,000 | |
August 2021 $200M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 200,000 | |
August 2021 $300M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 300,000 | |
July 2021 $200M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 200,000 | |
April 2022 $250M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 250,000 | |
April 2022 $250M Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 250,000 | |
May 2022 $350M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 350,000 | |
February 2021 $50M Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 50,000 | |
February 2021 $50M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 50,000 | |
Floor insterst rate, Line of credit facility | 5.00% | |
October 2021 $200M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 200,000 | |
April 2022 $50M Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 50,000 | |
Floor insterst rate, Line of credit facility | 6.00% | |
August 2021 $50M Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 50,000 | |
October 2021 $400M Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 400,000 | |
December 2021 $100M Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 100,000 | |
March 2022 $100M Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 100,000 | |
April 2022 $52.5M Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 52,500 | |
April 2022 $45M Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 45,000 | |
Debt instrument, interest rate stated percentage | 9.00% | |
February 2024 $90M Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 90,000 | |
$2M Securities Repo Line | Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 2,000 | |
April 2023 $145M Facility | Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 145,000 | |
February 2022 $150M Facility | Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 150,000 | |
August 2022 $75M | Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 75,000 | |
August 2022 $75M | Commercial Lines Of Credit [Member] | Maximum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, interest rate stated percentage | 3.25% | |
August 2022 $75M | Commercial Lines Of Credit [Member] | Minimum [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, interest rate stated percentage | 2.50% | |
June 2023 $300M Facility | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 300,000 | |
$200M Repo Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 200,000 | |
$1.2M Repo Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 1,215 | |
June 2022 $75M Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 75,000 | |
June 2022 $200M Facility | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 200,000 | |
August 2021 $25M Facility | Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 25,000 | |
Debt instrument, interest rate stated percentage | 10.00% | |
$4M Securities Repo Line | Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 4,024 | |
November 2023 $65M Facility | Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | 65,000 | |
September 2022 $150M Facility | Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, Maximum borrowing capacity | $ 150,000 |
Payables and Other Liabilitie_2
Payables and Other Liabilities - Schedule of payables and other liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accrued compensation expense | $ 131,831 | $ 150,214 |
Accrued liabilities | 97,902 | 83,427 |
Lease liabilities | 64,496 | 48,250 |
Deferred tax liability, net | 28,455 | |
GNMA reverse mortgage buy-out payable | 32,607 | 32,317 |
Liability for loans eligible for repurchase from GNMA | 30,027 | 42,148 |
Derivative liabilities | 19,329 | 20,722 |
Warrant liability | 19,261 | |
Estimate of claim losses | 11,839 | 8,609 |
Deferred purchase price liabilities | 44,473 | 3,842 |
Repurchase reserves | 8,515 | 10,529 |
Total payables and other liabilities | $ 488,735 | $ 400,058 |
Payables and Other Liabilitie_3
Payables and Other Liabilities - Additional information (Detail) - USD ($) | Jun. 30, 2021 | Jun. 30, 2021 | Apr. 01, 2021 |
Public Warrants [Member] | |||
Class of warrants or rights outstanding | 14,375,000 | 14,375,000 | |
Warrants and rights outstanding | $ 19.3 | $ 19.3 | $ 18 |
FOA Public Warrants [Member] | |||
Class of warrants or rights maturity date | Apr. 1, 2026 | Apr. 1, 2026 | |
Class of warrants or rights term | 5 years | 5 years | |
Class of warrants or rights redemption price per unit | $ 0.01 | $ 0.01 | |
Minimum notice period to be given to warrant holders prior to redemption | 30 days | ||
FOA Public Warrants [Member] | Common Class A [Member] | |||
Share price | $ 18 | $ 18 | |
Number of trading days for determining the share price | 20 days | ||
Number of consecutive trading days for determining the share price | 30 days | ||
Prior To Business Combinations [Member] | |||
Stock issued during period, Shares | 28,750,000 |
Leases - Schedule of operating
Leases - Schedule of operating lease portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Disclosure Of Companys Operating Lease Portfolio [Line Items] | ||
Right-of-use assets | $ 62,835 | $ 46,609 |
Lease liabilities | $ 64,496 | $ 48,250 |
Weighted-average remaining lease term (in years) | 6 years 7 months 9 days | 3 years 7 months 9 days |
Weighted-average discount rate | 7.08% | 7.42% |
Leases - Schedule of net operat
Leases - Schedule of net operating lease cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Lease, Cost [Abstract] | ||||
Operating lease cost | $ 5,591 | $ 5,490 | $ 7,046 | $ 13,658 |
Short-term lease cost | 888 | 1,035 | (593) | 1,438 |
Total operating and short term lease cost | 6,479 | 6,525 | 6,453 | 15,096 |
Variable lease cost | 1,997 | 1,808 | 718 | 1,422 |
Sublease income | (516) | (464) | (574) | (1,270) |
Net lease cost | $ 7,960 | $ 7,869 | $ 6,597 | $ 15,248 |
Leases - Schedule of other info
Leases - Schedule of other information related to the operating leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Lease, Cost [Abstract] | ||||
Operating cash flows from operating leases | $ 5,291 | $ 5,423 | $ 6,255 | $ 12,540 |
Leased assets obtained in exchange for new operating lease liabilities | $ 22,752 | $ 701 | $ 1,134 | $ 4,598 |
Leases - Schedule of maturity a
Leases - Schedule of maturity analysis of operating leases and a reconciliation of the undiscounted cash flows to lease liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lease, Cost [Abstract] | ||
2021 | $ 10,083 | |
2022 | 16,846 | |
2023 | 13,104 | |
2024 | 9,025 | |
2025 | 6,045 | |
2026 | 3,585 | |
Thereafter | 24,742 | |
Total undiscounted lease payments | 83,430 | |
Less amounts representing interest | (18,934) | |
Total lease liabilities | $ 64,496 | $ 48,250 |
Notes Payable, Net - Additional
Notes Payable, Net - Additional information (Detail) - USD ($) $ in Thousands | Nov. 01, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 |
Debt Instrument, Face Amount | $ 350,000 | $ 350,009 | ||||
Interest Expense | 33,626 | $ 34,366 | $ 33,298 | $ 67,230 | ||
Senior Unsecured Notes [Member] | ||||||
Debt Instrument, Face Amount | $ 350,000 | 350,000 | $ 350,000 | |||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||
Interest Expense | $ 7,500 | $ 7,700 | $ 200 | $ 600 | ||
Senior Unsecured Notes [Member] | Debt Instrument, Redemption, Period Five [Member] | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.00% | |||||
Senior Unsecured Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 103.938% | |||||
Senior Unsecured Notes [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 101.969% | |||||
Senior Unsecured Notes [Member] | Debt Instrument, Redemption, Period Three [Member] | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||
Senior Unsecured Notes [Member] | Debt Instrument, Redemption, Period Four [Member] | ||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 107.875% | |||||
Debt Instrument, Redemption Price, Percentage | 40.00% |
Notes Payable, Net - Schedule o
Notes Payable, Net - Schedule of the outstanding notes payable (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | Nov. 01, 2020 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 350,000 | $ 350,009 | |
Fair value adjustment, net of amortization | 3,718 | 0 | |
Debt Instrument, Fee Amount | (13,436) | ||
Long-term Debt, Gross | $ 353,718 | 336,573 | |
Senior Unsecured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | November 2025 | ||
Interest Rate | 7.90% | ||
Debt Instrument, Face Amount | $ 350,000 | 350,000 | $ 350,000 |
Financing Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | January 2021 | ||
Interest Rate | 5.50% | ||
Debt Instrument, Face Amount | $ 0 | $ 9 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Litigation [Abstract] | ||||
Litigation Settlement, Expense | $ 3.6 | $ 4.2 | $ 4 | $ 7.5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Commitments to Purchase Loans [Member] | ||
Commitments and Contingencies [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 12.3 | $ 10.2 |
Commitments to Sell Loans [Member] | ||
Commitments and Contingencies [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 163.9 | 54.3 |
Equal To Or Greater Than [Member] | ||
Commitments and Contingencies [Line Items] | ||
Percentage of outstanding principal balance is equal to or greater than MCA. | 98.00% | |
Percentage of outstanding principal balance of HECM is equal to or greater than MCA. | 98.00% | |
HECM Loans [Member] | ||
Commitments and Contingencies [Line Items] | ||
Unfunded loan commitments | $ 2,400 | 2.1 |
Fix And Flip Loans [Member] | ||
Commitments and Contingencies [Line Items] | ||
Unfunded loan commitments | $ 10.7 | $ 18.8 |
Incentive Compensation - Summar
Incentive Compensation - Summary of Activity of Grant (Detail) | 3 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Replacement RS Us [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Number of Units, Outstanding | |
Total Number of Units, Granted | 14,819,483 |
Total Number of Units, Outstanding | 14,819,483 |
Grant Date Fair Value, Granted | $ / shares | $ 9.48 |
Grant Date Fair Value, Vested | $ / shares | $ 9.48 |
Total Fair Value, Granted | $ | $ 140,489 |
Total Fair Value, Vested | $ | $ 38,546 |
Replacement RS Us [Member] | Unvested Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Outstanding | |
Number of Units, Granted | 14,819,483 |
Number of Units, Vested | (4,066,069) |
Number of Units, Outstanding | 10,753,414 |
Replacement RS Us [Member] | Vested Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Outstanding | |
Number of Units, Granted | |
Number of Units, Vested | 4,066,069 |
Number of Units, Outstanding | 4,066,069 |
Earnout Rights RS Us [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Number of Units, Outstanding | |
Total Number of Units, Granted | 1,550,880 |
Total Number of Units, Outstanding | 1,550,880 |
Grant Date Fair Value, Granted | $ / shares | $ 8.91 |
Total Fair Value, Granted | $ | $ 13,811 |
Earnout Rights RS Us [Member] | Unvested Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Outstanding | |
Number of Units, Granted | 1,550,880 |
Number of Units, Outstanding | 1,550,880 |
Earnout Rights RS Us [Member] | Vested Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Outstanding | |
Number of Units, Granted | |
Number of Units, Outstanding |
Incentive Compensation - Additi
Incentive Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2021 | Apr. 01, 2021 | Oct. 28, 2020 | Jun. 30, 2021 | Jun. 30, 2021 |
Replacement RS Us [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share-based compensation expense | $ 47.1 | ||||
Unrecognized share-based compensation expense | $ 93.4 | 93.4 | $ 93.4 | ||
Replacement RS Us [Member] | Amended And Restated Long Term Incentive Plan [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share-based compensation arrangement by share-based payment award, Award vesting rights, Percentage | 25.00% | ||||
Replacement RS Us [Member] | Amended And Restated Long Term Incentive Plan [Member] | Maximum [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share-based compensation arrangement by share-based payment award, Award vesting rights, Percentage | 75.00% | ||||
Earnout Rights RS Us [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share-based compensation expense | 2.2 | ||||
Unrecognized share-based compensation expense | $ 11.6 | $ 11.6 | $ 11.6 | ||
Earnout Rights RS Us [Member] | Amended And Restated Long Term Incentive Plan [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share-based compensation arrangement by share-based payment award, Fair value assumptions, Expected volatility rate | 60.00% | ||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate | 1.14% | ||||
Phantom Share Units (PSUs) [Member] | Long Term Incentive Plan [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share-based compensation arrangement by share-based payment award, Shares outstanding in period | 1,077 | 1,077 | 1,077 | ||
Share-based compensation arrangement by share-based payment award, Cash used to settle award | $ 24 | ||||
Share-based Payment Arrangement, Tranche One [Member] | Common Class A [Member] | Share Price Greater Than Or Equal To Twelve Point Five Zero USD [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share price | $ 12.50 | $ 12.50 | $ 12.50 | ||
Share-based Payment Arrangement, Tranche One [Member] | Common Class A [Member] | Share Price Greater Than Or Equal To Fifteen USD [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Number of consecutive trading days determining common stock share price | 30 days | ||||
Share-based Payment Arrangement, Tranche One [Member] | Minimum [Member] | Share Price Greater Than Or Equal To Twelve Point Five Zero USD [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Number of trading days determining common stock share price | 20 days | ||||
Share-based Payment Arrangement, Tranche One [Member] | Amended And Restated Long Term Incentive Plan [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share-based compensation arrangement by share-based payment award, Award vesting rights, Percentage | 25.00% | ||||
Share-based Payment Arrangement, Tranche One [Member] | Earnout Rights RS Us [Member] | Amended And Restated Long Term Incentive Plan [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year 21 days | ||||
Share-based compensation arrangement by share-based payment award,Vesting period | 6 years | ||||
Share-based Payment Arrangement, Tranche Two [Member] | Common Class A [Member] | Share Price Greater Than Or Equal To Fifteen USD [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share price | $ 15 | $ 15 | $ 15 | ||
Number of trading days determining common stock share price | 20 days | ||||
Number of consecutive trading days determining common stock share price | 30 days | ||||
Share-based Payment Arrangement, Tranche Two [Member] | Amended And Restated Long Term Incentive Plan [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share-based compensation arrangement by share-based payment award, Award vesting rights, Percentage | 25.00% | ||||
Share-based Payment Arrangement, Tranche Two [Member] | Earnout Rights RS Us [Member] | Amended And Restated Long Term Incentive Plan [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 1 year 6 months 7 days | ||||
Share-based compensation arrangement by share-based payment award,Vesting period | 6 years | ||||
Share-based Payment Arrangement, Tranche Three [Member] | Amended And Restated Long Term Incentive Plan [Member] | |||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||
Share-based compensation arrangement by share-based payment award, Award vesting rights, Percentage | 25.00% |
Changes in Contingently Redee_3
Changes in Contingently Redeemable Noncontrolling Interest - Schedule of Changes in CRNCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | |
Statement Of Changes In Contingently Redeemable Non Controlling Interest [Line Items] | |||||
Opening balance | $ 203,216 | $ 166,231 | $ 172,595 | $ 187,981 | $ 187,981 |
Net (loss) income | 0 | 4,260 | (2,620) | (15,386) | (18,006) |
Accretion to redemption price | 32,725 | ||||
Settlement of CRNCI in connection with the Business Combination | (203,216) | ||||
Closing balance | $ 203,216 | $ 169,975 | $ 172,595 | $ 169,975 |
Changes in Contingently Redee_4
Changes in Contingently Redeemable Noncontrolling Interest - Additional Information (Detail) - FACo Holdings Agreement $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Changes In Contingently Redeemable Minority Interest [Line Items] | |
Distrubition on mandatorily redeemable securities | $ 150 |
Class A Common Stock | |
Changes In Contingently Redeemable Minority Interest [Line Items] | |
Percentage of distribution | 95.00% |
Class A Common Stock | There After | |
Changes In Contingently Redeemable Minority Interest [Line Items] | |
Percentage of distribution | 75.00% |
Class B Common Stock | |
Changes In Contingently Redeemable Minority Interest [Line Items] | |
Percentage of distribution | 5.00% |
Redeemable non controlling interest, Equity redemption value | $ 203.2 |
Class B Common Stock | There After | |
Changes In Contingently Redeemable Minority Interest [Line Items] | |
Percentage of distribution | 25.00% |
Redeemable Minority Interest | |
Changes In Contingently Redeemable Minority Interest [Line Items] | |
Distrubition on mandatorily redeemable securities | $ 202 |
Redeemable Minority Interest Class B Members | Class B Common Stock | |
Changes In Contingently Redeemable Minority Interest [Line Items] | |
Percentage of distribution | 100.00% |
General and Administrative Ex_3
General and Administrative Expenses - Summary of General and Administrative Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
General And Administrative Expenses [Line Items] | ||||
Title and closing | $ 25,191 | $ 25,061 | $ 12,682 | $ 28,677 |
Loan origination expenses | 17,725 | 20,503 | 14,126 | 34,573 |
Depreciation and amortization | 16,462 | 3,484 | 3,488 | 6,957 |
Loan portfolio expenses | 15,433 | 15,200 | 9,426 | 18,603 |
Communications and data processing | 12,568 | 11,324 | 8,025 | 14,327 |
Securitization expenses | 10,831 | 6,944 | 8,349 | 8,349 |
Business development | 9,647 | 10,607 | 9,321 | 17,590 |
Licensing and insurance | 3,457 | 2,487 | 1,474 | 3,266 |
Fair value change in deferred purchase price liability | 1,760 | 30 | (62) | 0 |
Other expenses | 6,227 | 31,577 | 14,385 | 27,438 |
Total general and administrative expenses | $ 119,301 | $ 127,217 | $ 81,214 | $ 159,780 |
Business Segment Reporting - Su
Business Segment Reporting - Summary of Financial Information By Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | |
REVENUES | |||||
Gain on sale of loans, net | $ 187,577 | $ 291,334 | $ 298,291 | $ 428,975 | |
Net fair value gains | 131,151 | 76,663 | 112,303 | 125,683 | |
Fee income | 90,864 | 161,371 | 76,656 | 146,627 | |
Net interest expense | (20,475) | (21,705) | (21,791) | (47,552) | |
TOTAL REVENUES | 389,117 | 507,663 | 465,459 | 653,733 | |
Total expenses | 400,752 | 373,344 | 318,697 | 549,044 | |
Other, net | (2,103) | (8,862) | (28) | (44) | |
Net income (loss) before taxes | (13,738) | 125,457 | 146,734 | 104,645 | |
Depreciation and amortization | 16,462 | 3,484 | 3,488 | 6,957 | |
Total assets | 22,227,938 | 20,100,419 | 18,096,000 | 18,096,000 | $ 19,565,155 |
Operating Segments | |||||
REVENUES | |||||
Gain on sale of loans, net | 193,134 | 291,546 | 298,333 | 431,241 | |
Net fair value gains | 116,581 | 76,630 | 111,947 | 123,741 | |
Fee income | 128,130 | 154,759 | 80,397 | 154,581 | |
Net interest expense | (13,899) | (13,961) | (18,972) | (43,250) | |
TOTAL REVENUES | 423,946 | 508,974 | 471,705 | 666,313 | |
Total expenses | 392,993 | 348,706 | 305,594 | 534,226 | |
Other, net | 82 | 1,080 | |||
Net income (loss) before taxes | 31,035 | 161,348 | 166,111 | 132,087 | |
Depreciation and amortization | 4,120 | 3,113 | 3,009 | 5,976 | |
Total assets | 22,206,032 | 20,047,170 | 18,249,243 | 18,249,243 | |
Corporate and Other | |||||
REVENUES | |||||
Fee income | 0 | 0 | 28 | 44 | |
Net interest expense | (6,567) | (7,744) | (2,804) | (4,220) | |
TOTAL REVENUES | (6,567) | (7,744) | (2,776) | (4,176) | |
Total expenses | 36,021 | 18,683 | 16,573 | 23,222 | |
Other, net | (2,185) | (9,464) | (28) | (44) | |
Net income (loss) before taxes | (44,773) | (35,891) | (19,377) | (27,442) | |
Depreciation and amortization | 12,342 | 371 | 479 | 981 | |
Total assets | 2,115,780 | 379,562 | 484,973 | 484,973 | |
Elim | |||||
REVENUES | |||||
Gain on sale of loans, net | (5,557) | (212) | (42) | (2,266) | |
Net fair value gains | 14,570 | 33 | 356 | 1,942 | |
Fee income | (37,266) | 6,612 | (3,769) | (7,998) | |
Net interest expense | (9) | (15) | (82) | ||
TOTAL REVENUES | (28,262) | 6,433 | (3,470) | (8,404) | |
Total expenses | (28,262) | 5,955 | (3,470) | (8,404) | |
Other, net | (478) | ||||
Total assets | (2,093,874) | (326,313) | (638,216) | (638,216) | |
Mortgage Originations | Operating Segments | |||||
REVENUES | |||||
Gain on sale of loans, net | 185,386 | 286,481 | 298,333 | 425,624 | |
Fee income | 30,345 | 32,731 | 33,795 | 54,322 | |
Net interest expense | 1,976 | 891 | 778 | 1,264 | |
TOTAL REVENUES | 217,707 | 320,103 | 332,906 | 481,210 | |
Total expenses | 224,191 | 224,246 | 215,958 | 354,149 | |
Net income (loss) before taxes | (6,484) | 95,857 | 116,948 | 127,061 | |
Depreciation and amortization | 1,433 | 1,423 | 1,520 | 3,087 | |
Total assets | 2,994,779 | 2,425,529 | 1,816,879 | 1,816,879 | |
Reverse Originations | Operating Segments | |||||
REVENUES | |||||
Net fair value gains | 94,536 | 68,449 | 54,689 | 89,278 | |
Fee income | 954 | 524 | 509 | 1,112 | |
Net interest expense | (9) | ||||
TOTAL REVENUES | 95,481 | 68,973 | 55,198 | 90,390 | |
Total expenses | 42,246 | 23,693 | 22,156 | 40,740 | |
Other, net | 104 | 34 | |||
Net income (loss) before taxes | 53,339 | 45,314 | 33,042 | 49,650 | |
Depreciation and amortization | (151) | 151 | 286 | 455 | |
Total assets | 768,229 | 35,861 | 86,335 | 86,335 | |
Commercial Originations | Operating Segments | |||||
REVENUES | |||||
Net fair value gains | 10,822 | 5,431 | 21 | 8,582 | |
Fee income | 12,124 | 8,930 | 350 | 11,185 | |
TOTAL REVENUES | 22,946 | 14,361 | 371 | 19,767 | |
Total expenses | 20,049 | 13,391 | 6,552 | 22,442 | |
Other, net | 140 | 149 | |||
Net income (loss) before taxes | 3,037 | 1,119 | (6,181) | (2,675) | |
Depreciation and amortization | 127 | 125 | 142 | 306 | |
Total assets | 109,434 | 82,375 | 59,439 | 59,439 | |
Portfolio Management | Operating Segments | |||||
REVENUES | |||||
Gain on sale of loans, net | 7,748 | 5,065 | 5,617 | ||
Net fair value gains | 11,223 | 2,750 | 57,237 | 25,881 | |
Fee income | 3,577 | 36,191 | 1,431 | 2,392 | |
Net interest expense | (15,851) | (14,816) | (19,708) | (44,481) | |
TOTAL REVENUES | 6,697 | 29,190 | 38,960 | (10,591) | |
Total expenses | 33,190 | 24,406 | 21,374 | 38,746 | |
Other, net | (245) | 895 | |||
Net income (loss) before taxes | (26,738) | 5,679 | 17,586 | (49,337) | |
Depreciation and amortization | (107) | 146 | 11 | 23 | |
Total assets | 17,996,903 | 17,378,088 | 16,194,177 | 16,194,177 | |
Lender Services | Operating Segments | |||||
REVENUES | |||||
Fee income | 81,130 | 76,383 | 44,312 | 85,570 | |
Net interest expense | (15) | (36) | (42) | (33) | |
TOTAL REVENUES | 81,115 | 76,347 | 44,270 | 85,537 | |
Total expenses | 73,317 | 62,970 | 39,554 | 78,149 | |
Other, net | 83 | 2 | |||
Net income (loss) before taxes | 7,881 | 13,379 | 4,716 | 7,388 | |
Depreciation and amortization | 2,818 | 1,268 | 1,050 | 2,105 | |
Total assets | $ 336,687 | $ 125,317 | $ 92,413 | $ 92,413 |
Liquidity and Capital Require_2
Liquidity and Capital Requirements - Additional information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Liquidity And Capital Requirements [Line Items] | ||
Minimum net capital requirement | $ 300 | |
Policyholders' Surplus | 8,000 | |
Total requirement | 3,500 | |
State of Missouri | ||
Liquidity And Capital Requirements [Line Items] | ||
Minimum capital and surplus | 1,600 | |
State of Alabama | ||
Liquidity And Capital Requirements [Line Items] | ||
Minimum capital and surplus | 200 | |
Finance of America Mortgage LLC | ||
Liquidity And Capital Requirements [Line Items] | ||
Minimum adjusted net worth balance of capital requirements | 149,900 | |
Adjusted balance of capital requirements | $ 191,383 | $ 289,163 |
Description of factors that may affect minimum net worth requirements | The net worth required is $5.0 million plus 1% of FAR’s commitment authority from GNMA. The liquidity requirement is for 20% of FAR’s required net worth to be in the form of cash or cash equivalent assets. FAR is required to maintain a ratio of 6% of net worth to total assets. | |
Minimum tangible net worth required | $ 101,300 | |
Tangible capital, actual | 438,300 | |
Net worth | $ 5,000 | |
Percentage FAR commitment with addition to net worth | 1.00% | |
Percentage of liquidity | 20.00% | |
Percentage of net worth to total assets | 6.00% |
Concentrations of Risk - Additi
Concentrations of Risk - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | May 31, 2021 | May 30, 2021 | Dec. 31, 2020 | Jul. 31, 2017 | |
Gain (loss) on sale of mortgage loans | $ 197,129 | $ 284,948 | $ 282,424 | $ 291,671 | |||||
Debt instrument, face amount | $ 350,000 | $ 350,000 | $ 350,009 | ||||||
Percentgae of entity revenue | 23.00% | 21.00% | 25.00% | 23.00% | |||||
Minimum [Member] | Residential Mortgage | |||||||||
Concentration Risk, Percentage | 5.00% | ||||||||
Minimum [Member] | Non Agency Reverse Mortgage | |||||||||
Concentration Risk, Percentage | 5.00% | ||||||||
Minimum [Member] | Reverse Mortgage | |||||||||
Concentration Risk, Percentage | 5.00% | ||||||||
Minimum [Member] | Non Performing HECM Buyouts | |||||||||
Concentration Risk, Percentage | 5.00% | ||||||||
Minimum [Member] | Commercial Mortgage | |||||||||
Concentration Risk, Percentage | 5.00% | ||||||||
Nonaffiliated Blackstone Portfolio Companies | |||||||||
Mortgage Loans held for sale | $ 33,400 | $ 84,600 | $ 98,700 | ||||||
Gain (loss) on sale of mortgage loans | 900 | 4,000 | $ 0 | 4,700 | |||||
Nonaffiliated Blackstone Portfolio Companies | Mezzanine Financing Agreement | |||||||||
Long-term Debt | 20,900 | $ 20,900 | $ 21,500 | ||||||
Debt instrument, face amount | $ 45,000 | ||||||||
Nonaffiliated Blackstone Portfolio Companies | Mezzanie Financing Amendment Agreement [Member] | |||||||||
Debt instrument, face amount | $ 25,000 | $ 45,000 | |||||||
Private Investors | |||||||||
Mortgage Loans held for sale | 1,691,900 | $ 1,724,300 | $ 1,883,300 | $ 3,384,100 | |||||
Percentage of Nonperforming repurchased loans | 33.20% | 0.10% | 11.00% | ||||||
Percentage of Other Nonperforming repurchased loans | 66.80% | ||||||||
Percentage of non-agency reverse mortgage loans | 46.80% | 31.90% | |||||||
Percentage of commercial loans | 23.50% | 13.10% | |||||||
Percentage of Thirdparty financial institutions | 3.30% | 6.90% | |||||||
Percentage of Other thirdparty financial institutions | 26.30% | 37.10% | |||||||
FNMA, FHLMC and GNMA | |||||||||
Mortgage Loans held for sale | $ 6,421,200 | $ 7,696,600 | $ 7,274,400 | $ 10,850,600 |
Concentrations of Risk - Summar
Concentrations of Risk - Summary of Residential Mortgages (Detail) - Credit Concentration Risk - Residential Mortgage | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
California | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 36.00% | 37.00% |
Oregon | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 8.00% | 7.00% |
Washington | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 8.00% | 8.00% |
Arizona | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 6.00% | 6.00% |
New Jersey | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 5.00% | 5.00% |
Other | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 37.00% | 37.00% |
Concentrations of Risk - Summ_2
Concentrations of Risk - Summary of Reverse Mortgages (Detail) - Credit Concentration Risk - Reverse Mortgage | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
California | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 44.00% | 44.00% |
New York | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 8.00% | 8.00% |
Florida | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 5.00% | 5.00% |
Texas | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 5.00% | 5.00% |
Other | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 38.00% | 38.00% |
Concentrations of Risk - Summ_3
Concentrations of Risk - Summary of Non Agency Reverse Mortgage (Detail) - Credit Concentration Risk - Non Agency Reverse Mortgage | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
California | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 79.00% | 84.00% |
Other | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 21.00% | 16.00% |
Concentrati of Risk - Summary o
Concentrati of Risk - Summary of Non Performing HECM Buyouts (Detail) - Credit Concentration Risk - Non Performing HECM Buyouts | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
Puerto Rico | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 16.00% | 21.00% |
New York | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 16.00% | 15.00% |
California | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 9.00% |
Texas | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 9.00% |
Florida | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 6.00% | 5.00% |
Other | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 42.00% | 41.00% |
Concentrations of Risk - Summ_4
Concentrations of Risk - Summary of Commercial Mortgages (Detail) - Credit Concentration Risk - Commercial Mortgage | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
Illinois | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 7.00% | 7.00% |
Minnesota | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 8.00% | 5.00% |
New Jersey | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 6.00% | 9.00% |
New York | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 3.00% | 7.00% |
California | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 4.00% | 9.00% |
Connecticut | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 2.00% | 5.00% |
Florida | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 5.00% | 6.00% |
Texas | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 5.00% | 5.00% |
New Mexico | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 13.00% | 1.00% |
Other | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 47.00% | 46.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Nov. 30, 2020 |
Related Party Transaction [Line Items] | |||||||
Outstanding receivables from related parties | $ 0 | $ 2,600 | |||||
Debt Instrument, Face Amount | 350,000 | 350,009 | |||||
BTO Urban Holdings And Libman Family Holdings, LLC | Two Thousand And Nineteen Promissory Notes | |||||||
Related Party Transaction [Line Items] | |||||||
Interest rate | 10.00% | ||||||
Interest Expense, Related Party | 0 | $ 0 | $ 2,500 | $ 2,900 | |||
FarmOp Capital Holdings, LLC | Originated Agricultural Loans | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Purchases from Related Party | 46,300 | 83,000 | 12,000 | 76,700 | |||
FarmOp Capital Holdings, LLC | Originated Agricultural Loans Funded Draw Amounts | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Amounts of Transaction | 53,400 | 82,100 | 11,500 | 67,100 | |||
FarmOp Capital Holdings, LLC | Promissory Notes | |||||||
Related Party Transaction [Line Items] | |||||||
Outstanding promissory notes | 3,300 | 800 | |||||
Cloudvirga, Inc | |||||||
Related Party Transaction [Line Items] | |||||||
Impairment of the equity investment | 9,300 | ||||||
Capitalized Computer Software, Additions | 1,700 | ||||||
Cloudvirga, Inc | Professional Fees | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Amounts of Transaction | 600 | 300 | 800 | ||||
Various Investors Of UFG | Non Recourse MSR Financing | |||||||
Related Party Transaction [Line Items] | |||||||
Related party outstanding advance | 22,100 | 14,900 | |||||
MSR fair value | 18,900 | $ 14,100 | |||||
Related Parties Of FOA | Promissory Notes | |||||||
Related Party Transaction [Line Items] | |||||||
Debt Instrument, Face Amount | $ 135,000 | ||||||
Investment Management Agreement [Member] | Investment Advice [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Investment management and advisory fees earned | $ 100 | $ 100 | $ 0 | $ 0 |
Condensed Financial Informati_3
Condensed Financial Information of Registrant (Parent Company Only) - Schedule of Condensed Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Assets: | ||||
Fixed assets and leasehold improvements, net | $ 28,669 | $ 24,512 | ||
TOTAL ASSETS | 22,227,938 | $ 20,100,419 | 19,565,155 | $ 18,096,000 |
LIABILITIES AND EQUITY | ||||
TOTAL LIABILITIES | 19,848,643 | 18,770,884 | ||
FoA Equity Capital LLC member's equity | 0 | 628,176 | ||
Additional paid-in capital (Successor) | 807,521 | |||
Accumulated deficit (Successor) | (69,548) | |||
Accumulated other comprehensive (loss) income | (27) | 9 | ||
TOTAL LIABILITIES, CRNCI AND EQUITY | 22,227,938 | 19,565,155 | ||
Parent Company | ||||
Assets: | ||||
Fixed assets and leasehold improvements, net | 23 | |||
Investment in subsidiaries | 814,440 | 639,011 | ||
Other assets, net | 2,184 | |||
TOTAL ASSETS | 814,440 | 641,218 | ||
LIABILITIES AND EQUITY | ||||
Payables and other liabilities | 76,469 | 13,033 | ||
TOTAL LIABILITIES | 76,469 | 13,033 | ||
FoA Equity Capital LLC member's equity | 628,176 | |||
Class A Common Stock (Successor), $0.0001 par value; 6,000,000,000 shares authorized; 59,881,714 shares issued and outstanding at June 30, 2021 | 6 | |||
Additional paid-in capital (Successor) | 807,521 | |||
Accumulated deficit (Successor) | (69,548) | |||
Accumulated other comprehensive (loss) income | (8) | 9 | ||
TOTAL EQUITY | 737,971 | 628,185 | ||
TOTAL LIABILITIES, CRNCI AND EQUITY | $ 814,440 | $ 641,218 |
Condensed Financial Informati_4
Condensed Financial Information of Registrant (Parent Company Only) - Schedule of Condensed Balance Sheet (Parenthetical) (Detail) - Common Class A [Member] | Jun. 30, 2021$ / sharesshares |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 |
Common stock, shares authorized | 6,000,000,000 |
Common stock, shares issued | 59,881,714 |
Common stock, shares outstanding | 59,881,714 |
Parent Company [Member] | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 |
Common stock, shares authorized | 6,000,000,000 |
Common stock, shares issued | 59,881,714 |
Common stock, shares outstanding | 59,881,714 |
Condensed Financial Informati_5
Condensed Financial Information of Registrant (Parent Company Only) - Schedule of Condensed Statement of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | |
REVENUES | |||||
Interest Expense | $ 33,626 | $ 34,366 | $ 33,298 | $ 67,230 | |
TOTAL REVENUES | 389,117 | 507,663 | 465,459 | 653,733 | |
EXPENSES | |||||
Salaries and benefits | 274,731 | 238,530 | 230,275 | 374,653 | |
Occupancy and equipment rentals | 6,720 | 7,597 | 7,208 | 14,611 | |
General and administrative | 119,301 | 127,217 | 81,214 | 159,780 | |
TOTAL EXPENSES | 400,752 | 373,344 | 318,697 | 549,044 | |
Other, net | (2,103) | (8,862) | (28) | (44) | |
NET LOSS BEFORE INCOME TAXES | (13,738) | 125,457 | 146,734 | 104,645 | |
Provision for income taxes applicable to parent | 1,086 | 1,137 | 448 | 766 | |
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | 2,265 | 119,859 | 148,335 | 121,085 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | 2,257 | 119,848 | 148,353 | 121,096 | |
Parent Company | |||||
REVENUES | |||||
Interest Expense | (46) | (2,477) | (3,601) | ||
TOTAL REVENUES | (46) | (2,477) | (3,601) | ||
EXPENSES | |||||
Salaries and benefits | 4,041 | 3,162 | 4,263 | ||
Occupancy and equipment rentals | 161 | 143 | 312 | ||
General and administrative | 357 | $ 215 | 736 | ||
TOTAL EXPENSES | 4,559 | 3,520 | 5,311 | ||
Other, net | (2,152) | ||||
NET LOSS BEFORE INCOME TAXES | (2,152) | (4,605) | (5,997) | (8,912) | |
Provision for income taxes applicable to parent | (99) | ||||
NET LOSS | (2,053) | (4,605) | (5,997) | (8,912) | |
Equity in undistributed income from subsidiaries | 4,318 | 124,464 | 154,332 | 129,997 | |
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | 2,265 | 119,859 | 148,335 | 121,085 | |
Other comprehensive (loss) income | (8) | (11) | 18 | 11 | |
COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST | $ 2,257 | $ 119,848 | $ 148,353 | $ 121,096 |
Condensed Financial Informati_6
Condensed Financial Information of Registrant (Parent Company Only) - Additional information (Detail) - Parent Company [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Dividends | $ 0 | $ 75,000,000 | $ 0 | $ 0 |
FOA | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | $ 0 | |||
Percentage of restricted net assets to consolidated net assets | 25.00% |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Net (loss) income before income taxes | $ (13,738) | $ 125,457 | $ 146,734 | $ 104,645 |
Provision for income taxes | $ 1,086 | $ 1,137 | $ 448 | $ 766 |
Effective tax provision rate | (7.91%) | 0.91% | 0.31% | 0.73% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Deferred tax liability Investments in FOA equity capital LLC | $ 24.5 | |||
Uncertain tax positions interest or penalties recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share Basic by Common Class (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Numerator | |||||
Net loss | $ (14,824) | $ (14,824) | $ 124,320 | $ 146,286 | $ 103,879 |
Less: loss attributable to noncontrolling interests | (17,089) | ||||
Net income attributable to holders of Class A Common Stock—basic | $ 2,265 | ||||
Denominator | |||||
Weighted average shares of Class A Common Stock outstanding—basic | 59,881,714 | ||||
Basic net income per share | $ 0.04 |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Earnings Per Share Diluted by Common Class (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | |
Numerator | |
Net income attributable to holders of Class A Common Stock | $ | $ 2,265 |
Denominator | |
Weighted average shares of Class A Common Stock outstanding—basic | 59,881,714 |
Effect of dilutive securities: | |
Weighted average shares of Class A Common Stock outstanding—diluted | 191,200,000 |
Diluted net loss per share | $ / shares | $ (0.05) |
Common Class A [Member] | |
Numerator | |
Net income attributable to holders of Class A Common Stock | $ | $ 2,265 |
Reallocation of net loss assuming exchange of Class A LLC Units | $ | (12,001) |
Net loss attributable to holders of Class A Common Stock—diluted | $ | $ (9,736) |
Denominator | |
Weighted average shares of Class A Common Stock outstanding—basic | 59,881,714 |
Effect of dilutive securities: | |
Assumed exchange of Class A LLC Units for shares of Class A Common Stock | 131,318,286 |
Weighted average shares of Class A Common Stock outstanding—diluted | 191,200,000 |
Diluted net loss per share | $ / shares | $ (0.05) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2021 | |
Capital Unit, Class A [Member] | Replacement RSUS And Earnout Right RSUS [Member] | AR And LLC Agreement [Member] | |
Class of Stock [Line Items] | |
Percentage cost of vesting | 85.00% |
Sponsor Earnout (Detail)
Sponsor Earnout (Detail) $ / shares in Units, $ in Millions | Apr. 08, 2019shares | Jun. 30, 2021USD ($)Day$ / sharesshares |
Sponsor [Member] | ||
Sponsor Earnout [Line Items] | ||
Shares issued during the period value new issues | $ | $ 38.1 | |
Replay Sponsor LLC The Sponsor [Member] | Private Placement Warrant [Member] | IPO | ||
Sponsor Earnout [Line Items] | ||
Class of warrants or rights issued during period , Shares | 7,750,000 | |
Independent Directors [Member] | Founder Shares | ||
Sponsor Earnout [Line Items] | ||
Stock Issued During Period, Shares, Issued for Services | 90,000 | |
Common Class A [Member] | Replay Sponsor LLC The Sponsor [Member] | Private Placement Warrant [Member] | ||
Sponsor Earnout [Line Items] | ||
Number of securities called by warrants or rights | 775,000 | |
Common Class A [Member] | Founder Shares | Sponsor [Member] | ||
Sponsor Earnout [Line Items] | ||
Number of shares Vested | 2,839,000 | |
Number of shares UnVested | 4,258,500 | |
Sponsor Agreement [Member] | ||
Sponsor Earnout [Line Items] | ||
Percentage of sponsor shares vested prior to business combination | 40.00% | |
Percentage of sponsor shares subject to vesting and forfeiture after business combination | 60.00% | |
Sponsor Agreement [Member] | Common Class A [Member] | First Sponsor Earnout Achievement Date [Member] | ||
Sponsor Earnout [Line Items] | ||
Volume weighted average price | $ / shares | $ 12.50 | |
Threshold trading days | Day | 20 | |
Threshold consecutive trading days | Day | 30 | |
Percentage of founder shares vested | 35.00% | |
Thershold period from business combination in which sponsor shares subject to vesting and forfeiture | 6 years | |
Sponsor Agreement [Member] | Common Class A [Member] | Second Sponsor Earnout Achievement Date [Member] | ||
Sponsor Earnout [Line Items] | ||
Threshold trading days | Day | 20 | |
Threshold consecutive trading days | Day | 30 | |
Percentage of founder shares vested | 25.00% | |
Thershold period from business combination in which sponsor shares subject to vesting and forfeiture | 6 years | |
Daily Volume weighted Average share price | $ / shares | $ 15 |
Equity (Detail)
Equity (Detail) - $ / shares | Apr. 01, 2021 | Jun. 30, 2021 |
Capital Unit, Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 64,140,214 | |
Common units outstanding | 191,200,000 | |
Common stock shares outstanding vested portion | 59,881,714 | |
Capital Unit, Class A [Member] | Noncontrolling Interest [Member] | ||
Class of Stock [Line Items] | ||
Common units outstanding | 131,318,286 | |
Common Class A [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 59,881,714 | |
Common stock, par value (in dollars per share) | $ 0.0001 | |
Common stock shares outstanding vested portion | 59,881,714 | |
Common stock shares outstanding unvested portion | 4,258,500 | |
Common Class B [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares outstanding | 7 | |
Stock issued during period, shares | 7 | |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |||
Aug. 31, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | ||||
Debt instrument, face amount | $ 350,000 | $ 350,009 | ||
Line of credit facility, Maximum borrowing capacity | $ 6,066,690 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Percentage of fully diluted equity ownership after contractual exercise | $ 36.4 | |||
Subsequent Event [Member] | Series A 2 Convertible Preferred Units [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrant exercised for purchase of units | 6,426,015 | |||
Contractual cash exercise price | $ 0.0001 | |||
Subsequent Event [Member] | Mortgage Backed Notes [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, face amount | $ 331,900 | |||
Debt instrument, interest rate stated percentage | 1.30% | |||
Debt instrument, maturity date | Jul. 31, 2026 | |||
Subsequent Event [Member] | Amended July Two Thousand And Twenty One And Two Hundred Million USD Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Line of credit facility, Maximum borrowing capacity | $ 200,000 | |||
Maturity date | July 2022 | |||
Subsequent Event [Member] | Amended August Two Thousand And Twenty One And Three Hundred Million USD Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Line of credit facility, Maximum borrowing capacity | $ 300,000 | |||
Maturity date | September 2021 | |||
Subsequent Event [Member] | Reverse Mortgage Loans [Member] | ||||
Subsequent Event [Line Items] | ||||
Mortgage loan receivable | $ 296,000 | |||
Debt instrument, interest rate stated percentage | 98.30% | |||
Debt instrument, maturity date | Jul. 31, 2024 |