Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 09, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 62,322,681 | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
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 | 5830 Granite Parkway | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Plano | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75024 | |
City Area Code | 877 | |
Local Phone Number | 202-2666 | |
Class A common stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
Trading Symbol | FOA | |
Security Exchange Name | NYSE | |
Warrant to purchase | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase shares of Class A Common Stock | |
Trading Symbol | FOA.WS | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 226,846 | $ 141,238 |
Restricted cash | 315,980 | 322,403 |
Loans held for investment, subject to Home Equity Conversion Mortgage-Backed Securities ("HMBS") related obligations, at fair value | 10,672,152 | 10,556,054 |
Loans held for investment, subject to nonrecourse debt, at fair value | 6,235,990 | 6,218,194 |
Loans held for investment, at fair value | 1,218,990 | 1,031,328 |
Loans held for sale, at fair value | 1,709,357 | 2,052,378 |
Mortgage servicing rights ("MSRs"), at fair value, $163,981 and $142,435, subject to nonrecourse MSRs financing liability, respectively | 426,102 | 427,942 |
Derivative assets | 281,205 | 48,870 |
Fixed assets and leasehold improvements, net | 29,933 | 29,256 |
Intangible assets, net | 589,092 | 602,900 |
Other assets, net | 372,260 | 358,383 |
TOTAL ASSETS | 22,077,907 | 21,788,946 |
LIABILITIES AND EQUITY | ||
HMBS related obligations, at fair value | 10,548,131 | 10,422,358 |
Nonrecourse debt, at fair value | 6,323,777 | 6,111,242 |
Other financing lines of credit | 3,189,756 | 3,347,442 |
Payables and other liabilities | 630,952 | 471,511 |
Notes payable, net | 353,196 | 353,383 |
TOTAL LIABILITIES | 21,045,812 | 20,705,936 |
Commitments and Contingencies (Note 20) | ||
EQUITY (Note 27) | ||
Additional paid-in capital | 845,002 | 831,620 |
Accumulated deficit | (452,106) | (443,613) |
Accumulated other comprehensive loss | (99) | (110) |
Noncontrolling interest | 639,292 | 695,107 |
TOTAL EQUITY | 1,032,095 | 1,083,010 |
TOTAL LIABILITIES AND EQUITY | 22,077,907 | 21,788,946 |
Class A Common Stock | ||
EQUITY (Note 27) | ||
Common Stock Value | 6 | 6 |
Class B Common Stock | ||
EQUITY (Note 27) | ||
Common Stock Value | $ 0 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Mortgage servicing rights, at fair value | $ 163,981 | $ 142,435 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 6,000,000,000 | 6,000,000,000 |
Common stock, shares issued | 60,815,569 | 60,815,569 |
Common stock, shares outstanding | 60,815,569 | 60,815,569 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 15 | 15 |
Common stock, shares outstanding | 15 | 15 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Financial Condition (Variable Interest Entities) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Restricted cash | $ 315,980 | $ 322,403 |
Loans held for investment, subject to nonrecourse debt, at fair value | 1,218,990 | 1,031,328 |
TOTAL ASSETS | 22,077,907 | 21,788,946 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 6,323,777 | 6,111,242 |
TOTAL LIABILITIES | 21,045,812 | 20,705,936 |
Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Restricted cash | 303,232 | 311,652 |
Loans held for investment, subject to nonrecourse debt, at fair value | 6,103,454 | 6,099,607 |
Other assets | 73,701 | 67,593 |
TOTAL ASSETS | 6,480,387 | 6,478,852 |
LIABILITIES | ||
Nonrecourse debt, at fair value | 6,032,156 | 5,857,069 |
Payables and other liabilities | 633 | 428 |
TOTAL LIABILITIES | 6,032,789 | 5,857,497 |
Net fair value of assets subject to nonrecourse debt | $ 447,598 | $ 621,355 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUES | ||
Gain on sale and other income from loans held for sale, net | $ 118,352 | $ 291,334 |
Net fair value gains on loans and related obligations | 10,435 | 76,663 |
Fee income | 157,604 | 161,371 |
Net interest expense: | ||
Interest income | 13,873 | 12,661 |
Interest expense | (32,830) | (34,366) |
Net interest expense | (18,957) | (21,705) |
TOTAL REVENUES | 267,434 | 507,663 |
EXPENSES | ||
Salaries, benefits and related expenses | 209,076 | 238,530 |
Occupancy, equipment rentals and other office related expenses | 7,837 | 7,597 |
General and administrative expenses | 132,623 | 127,187 |
TOTAL EXPENSES | 349,536 | 373,314 |
OTHER, NET | 4,772 | (8,892) |
NET INCOME (LOSS) BEFORE INCOME TAXES | (77,330) | 125,457 |
Provision (benefit) for income taxes | (13,335) | 1,137 |
NET INCOME (LOSS) | (63,995) | 124,320 |
Contingently Redeemable Noncontrolling Interest ("CRNCI") | 0 | 4,260 |
Noncontrolling interest | (55,502) | 201 |
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ (8,493) | $ 119,859 |
EARNINGS PER SHARE (Note 26) | ||
Basic weighted average shares outstanding | 60,773,891 | 0 |
Basic net loss per share | $ (0.14) | $ 0 |
Diluted weighted average shares outstanding | 189,448,936 | 0 |
Diluted net loss per share | $ (0.30) | $ 0 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||
NET INCOME (LOSS) | $ (63,995) | $ 124,320 |
Impact of foreign currency translation adjustment | 11 | (11) |
TOTAL COMPREHENSIVE INCOME (LOSS) | (63,984) | 124,309 |
Less: Net income (loss) attributable to the noncontrolling interest and CRNCI | (55,495) | 4,461 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST | $ (8,489) | $ 119,848 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Additional Paid-in Capital | Retained Earnings | FoA Equity Capital LLC Member's Equity | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest | Class A Common StockCommon Stock | Class B Common StockCommon Stock |
Balance at beginning of period at Dec. 31, 2020 | $ 628,040 | $ 628,176 | $ 9 | $ (145) | ||||
Net income | 124,320 | |||||||
Contributions from members | 1,426 | 1,426 | ||||||
Distributions to members | (75,000) | (75,000) | ||||||
Noncontrolling interest distributions | (620) | (620) | ||||||
Net income | 120,060 | 119,859 | 201 | |||||
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 beginning of period at Dec. 31, 2021 | 1,083,010 | $ 831,620 | $ (443,613) | (110) | $ 695,107 | $ 6 | $ 0 | |
Balance at beginning of period (in shares) at Dec. 31, 2021 | 128,693,867 | 60,755,069 | 15 | |||||
Net income | (63,995) | 0 | (8,493) | 0 | $ (55,502) | |||
Equity based compensation, net | 13,104 | 13,104 | ||||||
Conversion of LLC Units for Class A Common Stock (Note 27 - Equity) | (25) | 230 | $ (255) | |||||
Conversion of LLC Units for Class A Common Stock (Note 27 - Equity) (shares) | (49,696) | 49,696 | ||||||
Settlement of long term incentive plan ("LTIP") Restricted Stock Units ("RSUs"), net (Note 26 - Earnings Per Share) | (10) | 48 | $ (58) | |||||
Settlement of long term incentive plan ("LTIP") Restricted Stock Units ("RSUs"), net (Note 26 - Earnings Per Share) (shares) | (10,804) | 10,804 | ||||||
Foreign currency translation adjustment | 11 | 11 | ||||||
Balance at end of period at Mar. 31, 2022 | $ 1,032,095 | $ 845,002 | $ (452,106) | $ (99) | $ 639,292 | $ 6 | $ 0 | |
Balance at end of period (in shares) at Mar. 31, 2022 | 128,633,367 | 60,815,569 | 15 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net income (loss) | $ (63,995) | $ 124,320 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | 387,736 | (6,277) |
Net cash provided by operating activities | 323,741 | 118,043 |
Investing Activities | ||
Purchases and originations of loans held for investment | (1,848,155) | (1,151,925) |
Proceeds/payments received on loans held for investment | 614,074 | 677,777 |
Purchases and origination of loans held for investment, subject to nonrecourse debt | (30,342) | (12,247) |
Proceeds/payments on loans held for investment, subject to nonrecourse debt | 585,148 | 217,452 |
Purchases of debt securities | (9,159) | (557) |
Proceeds/payments on debt securities | 519 | 2,096 |
Purchases of mortgage servicing rights | 0 | (9,014) |
Proceeds on sale of mortgage servicing rights | 96,887 | 7,765 |
Acquisition of subsidiaries, net of cash acquired | 0 | (749) |
Acquisition of fixed assets | (4,176) | (4,178) |
Debtor in possession ("DIP") Financing | 0 | (35,260) |
Other investing activities, net | (4,901) | (3,207) |
Net cash used in investing activities | (600,105) | (312,047) |
Financing Activities | ||
Proceeds from issuance of HMBS related obligations | 948,682 | 602,172 |
Payments of HMBS related obligations | (737,327) | (506,142) |
Proceeds from issuance of nonrecourse debt | 1,114,665 | 579,518 |
Payments on nonrecourse debt | (812,572) | (658,300) |
Proceeds from other financing lines of credit | 7,434,937 | 10,027,696 |
Payments on other financing lines of credit | (7,592,623) | (9,660,588) |
Debt issuance costs | (234) | (2,467) |
Member distributions | 0 | (75,000) |
Other financing activities, net | 10 | 806 |
Net cash provided by financing activities | 355,538 | 307,695 |
Foreign currency translation adjustment | 11 | (7) |
Net increase in cash and restricted cash | 79,185 | 113,684 |
Cash and restricted cash, beginning of period | 463,641 | 539,363 |
Cash and restricted cash, end of period | 542,826 | 653,047 |
Supplementary Cash Flows Information | ||
Cash paid for interest | 55,142 | 50,071 |
Cash paid for income taxes, net | 22 | 63 |
Loans transferred to loans held for investment, at fair value, from loans held for investment, subject to nonrecourse debt, at fair value | 478,208 | 283,499 |
Loans transferred to loans held for investment, subject to nonrecourse debt, at fair value from loans held for investment, at fair value | 1,366,898 | 272,098 |
Loans transferred to loans held for investment, subject to HMBS, at fair value, from loans held for investment, at fair value | 773,959 | 0 |
Loans transferred to loans held for investment, at fair value, from loans held for sale, at fair value | $ 0 | $ 42,909 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2022 | |
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 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 two lending companies, FAM and FAR (collectively, the “operating lending subsidiaries”). Effective January 1, 2022, the Company’s operating lending subsidiary Finance of America Commercial LLC (“FACo”), which previously operated as a separate operating lending subsidiary under FAH, merged with FAM, with FAM being the surviving operating lending subsidiary. Through FAM and FAR, the Company originates, purchases, sells and securitizes conventional (conforming to the underwriting standards of Fannie Mae (“FNMA”) or Freddie Mac (“FHLMC”); collectively referred to as government sponsored entities (“GSEs”)), government-insured (FHA), government guaranteed (VA), and proprietary non-agency Impact of the COVID-19 The COVID-19 COVID-19 re-open COVID-19 COVID-19 of unpaid principal balance of the companies total residential mortgage servicing portfolio is in forbearance as a result of the economic impacts caused by COVID-19. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements comprise the financial statements of FoA and its controlled subsidiaries for the Successor three months ended March 31, 2022, and the financial statements of FoA Equity and its controlled subsidiaries for the Predecessor three months ended March 31, 2022. The condensed 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”). In the opinion of the Company, the accompanying financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of its financial condition as of March 31, 2022, and its results of operations and cash flows for the three months ended March 31, 2022 and 2021. The Condensed Consolidated Statement of Financial Condition at December 31, 2021 was derived from audited financial statements but does not contain all of the footnote disclosures from the annual financial statements. 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 condensed consolidated interim financial statements, including the significant accounting policies, should be read in conjunction with the annual 10-K 10-K The significant accounting policies, together with the other notes that follow, are an integral part of the condensed consolidated financial statements. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates and assumptions due to factors such as changes in the economy, interest rates, secondary market pricing, prepayment assumptions, home prices or discrete events affecting specific borrowers, and such differences could be material. Recently Adopted Accounting Guidance Standard Description Effective Date Effect on Condensed Consolidated 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 1, 2022 The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures, as the Company does not currently issue freestanding written call options. Recently Issued Accounting Guidance, Not Yet Adopted as of March 31, 2022 Standard Description Date of Planned Effect on Condensed Consolidated ASU 2020-04, 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. TBD This ASU is effective from March 12, 2020 through December 31, 2024. The Company continues to monitor the impact associated with reference rate reform, and will apply the amendments in this update to account for contract modifications due to changes in reference rates once those occur. The adoption of this standard is not expected to have a material impact on our condensed consolidated financial statements and related disclosures. ASU 2021-01, In January 2021, FASB issued an Update which refines the scope of ASU Topic 848 and clarifies the guidance issued to facilitate the effects of reference rate reform on financial reporting. The amendment permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements and calculating price alignment interest in connection with reference rate reform activities. ASU 2021-08, In October 2021, the FASB issued ASU 2021-08 January 1, 2023 This ASU is effective for all business combinations occurring after January 1, 2023. Adoption of this standard is not expected to have a material impact on our condensed consolidated financial statements and related disclosures. |
Variable Interest Entities and
Variable Interest Entities and Securitizations | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities and Securitizations | 3. Variable Interest Entities and Securitizations The Company determined that the special purpose entities (“SPEs”) created in connection with its securitizations are variable interest entities (“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. Consolidated VIEs FAR FAR securitizes certain of its interests in nonperforming reverse mortgages and non-agency one-to-four-family In February 2022, FAR executed its optional redemption of outstanding securitized notes related to outstanding nonperforming home equity conversion mortgage (“HECM”) securitizations. As part of the optional redemption, FAR paid off notes with an outstanding principal balance of $488.2 million. The notes were paid off at par. As a result of the optional redemption, FAR will no longer be required to consolidate this securitization trust and the outstanding loans with unpaid principal balance of $506.6 million will be included in Loans held for investment at fair value in the Condensed Consolidated Statements of Financial Condition unless included in a subsequent securitization. FAM FAM (prior to January 1, 2022, through “FACo”) securitizes certain of its interests in fix & flip mortgages. The transactions provide debt security holders the ability to invest in a pool of loans secured by an investment in real estate. The transactions provide the Company 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. Servicing Securitized Loans In their capacity as servicer of the securitized loans, FAM (prior to January 1, 2022, through FACo) and FAR retain the power to direct the VIE’s activities that most significantly impact the VIEs economic performance. FAM (prior to January 1, 2022, through 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 FAM (prior to January 1, 2022, through 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 FAM (prior to January 1, 2022, 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 three months ended March 31, 2022, or the Predecessor period from January 1, 2021 to March 31, 2021. The following table presents the assets and liabilities of the Company’s consolidated VIEs, which are included in the Condensed Consolidated Statements of Financial Condition and excludes intercompany balances, except for retained bonds and beneficial interests (in thousands): March 31, December 31, ASSETS Restricted cash $ 303,232 $ 311,652 Loans held for investment, subject to nonrecourse debt, at fair value 6,103,454 6,099,607 Other assets, net 73,701 67,593 TOTAL ASSETS $ 6,480,387 $ 6,478,852 LIABILITIES Nonrecourse debt, at fair value $ 6,268,232 $ 6,088,298 Payables and other liabilities 633 428 TOTAL VIE LIABILITIES 6,268,865 6,088,726 Retained bonds and beneficial interests eliminated in consolidation (236,076 ) (231,229 ) TOTAL CONSOLIDATED LIABILITIES $ 6,032,789 $ 5,857,497 Unconsolidated VIEs FAM Hundred Acre Wood trust (“HAWT”) FAM securitizes certain of its interests in agency-eligible residential mortgage loans. The transactions provide investors with the ability to invest in a pool of mortgage loans secured by one-to-four-family 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. 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 (in thousands): March 31, December 31, Unconsolidated securitization trusts: Total collateral balances – UPB $ 1,056,341 $ 1,085,340 Total certificate balances $ 1,056,341 $ 1,085,340 As of March 31, 2022 and December 31, 2021, there were $0.7 million and $0.4 million, respectively, of mortgage loans transferred by the Company to unconsolidated securitization trusts that are 90 days or more past due. Cavatica Asset Participation Trust (“CAPT”) In December 2021, FACo established the CAPT for the purpose of securitizing agricultural loans. In 2021, FACo executed CAPT-2021, where its beneficial interest in the securitization is limited to its Issuer Residual Interest Certificates, a 5% eligible vertical interest in the Trust. The Company determined that the securitization structures meets the definition of a VIE and concluded that the Company does not hold a significant variable interest in the securitizations and the Company does not have the power to direct the activities that most significantly affect the economic performance of the VIEs. However, the transfer of the loans to the VIEs was determined not to be a sale. As such, the Company continues to recognize and consolidate the loans and the related nonrecourse liability, with the retained bonds being eliminated against the nonrecourse liability in consolidation. The Company’s continuing involvement with and exposure to loss from the VIE includes the carrying value of the retained bond, the retained loans, debt servicing of the related nonrecourse liability, 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 the Company’s assets or general credit. The underlying performance of the mortgage loans held has a direct impact on the fair values and cash flows of the beneficial interests held. As of March 31, 2022, the consolidated balance of the agricultural loans transferred to the VIE and the related nonrecourse liability had a fair value of $132.5 million and $127.6 million, respectively. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 4. 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 and liabilities 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 three months ended March 31, 2022 or for the Predecessor period from January 1, 2021 to March 31, 2021. 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. Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value HECM loans securitized into Ginnie Mae HMBS are not actively traded in open markets with readily observable market prices. The Company values HECM loans securitized into Ginnie Mae HMBS utilizing a present value methodology that discounts estimated projected cash flows over the life of the loan portfolio using prepayment, loss frequency and severity, borrower mortality, borrower draw and discount rate assumptions management believes a market participant would use in estimating fair value. 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 assumptions used in the fair value measurement of loans held for investment, subject to HMBS related obligations, for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Conditional repayment rate NM 21.6 % NM 20.8 % Loss frequency NM 4.2 % NM 4.5 % Loss severity 2.4% - 6.9 % 2.6 % 3.1% - 7.7 % 3.3 % Discount rate NM 3.4 % NM 2.4 % 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. 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 Ginnie Mae HMBS pools and non FHA-insured HECM Buyouts—Securitized (Nonperforming) The Company values nonperforming securitized HECM buyouts, performing securitized HECM buyouts, and securitized non-agency reverse mortgage loans utilizing a present value methodology that discounts estimated projected cash flows over the life of the portfolio. The Company aggregates loan portfolios based upon the underlying securitization trust and values these loans using these aggregated pools. The range of inputs provided are based upon the range of inputs utilized for each securitization trust. 22 The following table presents the weighted average significant unobservable assumptions used in the fair value measurement of nonperforming securitized HECM buyouts for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Conditional repayment rate NM 39.7 % NM 41.2 % Loss frequency NM 60.5 % 25.0% - 100 % 59.5 % Loss severity 2.4% - 6.9 % 3.1 % 3.1% -7.7 % 4.3 % Discount rate NM 5.8 % NM 4.1 % HECM Buyouts—Securitized (Performing) T he following table presents the weighted average significant unobservable assumptions used in the fair value measurement of performing securitized HECM buyouts for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Weighted average remaining life (in years) NM 9.0 NM 9.0 Conditional repayment rate NM 13.4 % NM 13.3 % Loss severity 2.4% - 6.9 % 6.9 % 3.1% - 7.7 % 7.7 % Discount rate NM 5.0 % NM 3.7 % Non-Agency T non-agency March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Weighted average remaining life (in years) NM 7.8 NM 7.5 Loan to value 0.1% - 69.0 % 43.1 % 0.1% - 64.7 % 43.4 % Conditional repayment rate NM 17.5 % NM 18.6 % Loss severity NM 10.0 % NM 10.0 % Home price appreciation -4.3% - 15.8 % 4.7 % -4.6% - 14 % 4.7 % Discount rate NM 4.9 % NM 3.6 % 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—24 months. This product is valued using a discounted cash flow (“DCF”) 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 securitized Fix & Flip mortgage loans for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Prepayment rate (SMM) NM 14.4 % NM 14.1 % Discount rate NM 7.5 % NM 5.7 % Loss frequency 0.3% - 72.9 % 0.6 % 0.3% - 69.0 % 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. 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 Ginnie Mae HMBS. The fair value of nonperforming unsecuritized tails is based on expected claim proceeds from the U.S 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 Company values Inventory Buyouts utilizing a present value methodology that discounts estimated projected cash flows over the life of the portfolio. The following table presents the weighted average significant unobservable assumptions used in the fair value measurement of Inventory Buyouts classified as loans held for investment, at fair value for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Conditional repayment rate NM 44.9 % NM 43.2 % Loss frequency NM 68.3 % NM 59.4 % Loss severity 2.4% -6.9 % 4.9 % 3.1% - 7.7 % 3.8 % Discount rate NM 5.8 % 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 assumptions used in the fair value measurement of non-agency March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Weighted average remaining life (in years) NM 9.9 NM 9.2 Loan to value 2.9% - 69.1 % 47.2 % 0.2% - 68.7 % 47.8 % Conditional repayment rate NM 13.6 % NM 14.8 % Loss severity NM 10.0 % NM 10.0 % Home price appreciation -4.3% - 15.8 % 4.3 % -4.6% - 14.0 % 4.4 % Discount rate NM 4.9 % 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—24 months. This product is valued using a DCF 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 loans for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Prepayment rate (SMM) NM 11.2 % NM 11.9 % Discount rate 7.5% - 10.9 % 7.6 % 5.7% - 10.0 % 5.9 % Loss frequency NM 0.4 % NM 0.4 % 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 DCF model. The Company classifies these 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: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Discount rate NM 6.2 % NM 4.8 % Prepayment rate (SMM) 9.0% - 100.0 % 19.6 % 9.0% - 100.0 % 22.1 % Default rate (CDR) 0.0% - 1.0 % 0.9 % 0% - 0.7 % 0.9 % Loans Held for Sale, at Fair Value 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. Residential Mortgage Loans The Company originates or purchases mortgage loans in the U.S. that it intends to sell to FNMA, FHLMC, and Ginnie Mae (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 counterparty (which approximates fair value), or quoted market prices for similar loans are available. The Company classifies these valuations as Level 2 assets within the GAAP hierarchy. During periods of illiquidity of the mortgage marketplace, it may be necessary to look for alternative sources of value, including the whole loan purchase market for similar loans, and place more reliance on the valuations using internal models. Due to limited sales activity and periodically unobservable prices in certain of the Company’s markets, certain mortgage loans held for sale portfolios may transfer from Level 2 to Level 3 in future periods. 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 a single property. These are 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: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Prepayment rate (CPR) 18.0% - 25.0 % 18.3 % 1.0% - 17.1 % 14.2 % Discount rate NM 5.1 % NM 3.3 % Default rate (CDR) NM 1.0 % 1.0% - 57.2 % 2.2 % Portfolio Lending The Portfolio Lending 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 30-year The Company utilized the following weighted average assumptions in estimating the fair value of Portfolio Lending mortgage loans held for sale for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Prepayment rate (CPR) 0.0% - 22.6 % 13.0 % 0.0% - 14.5 % 8.7 % Discount rate NM 4.9 % NM 3.9 % Default rate (CDR) NM 1.0 % 1.0% - 54.0 % 3.2 % Fix & Flip The Fix & Flip loans are short-term loans for individual real estate investors, with terms ranging from 9-24 months. This product is valued using a DCF model. The Company classifies these mortgage loans as Level 3 assets within the GAAP hierarchy. MSRs As of March 31, 2022 and December 31, 2021, the Company valued MSRs 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 assets within the GAAP hierarchy since they are dependent on unobservable inputs. Fair value is derived through a DCF 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 (Prepayment speed assumptions (“PSA”), discount rate, 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. 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: March 31, December 31, Capitalization servicing rate 1.3 % 1.1 % Capitalization servicing multiple 5.0 4.4 Weighted average servicing fee (in basis points) 26 25 The Company utilized the following weighted average assumptions in estimating the fair value of MSRs: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Weighted average prepayment speed (CPR) 0.1% - 10.5 % 6.7 % 0% - 12.8 % 8.3 % Discount rate NM 8.3 % NM 8.5 % Weighted average delinquency rate 0.8% - 12.4 % 1.4 % 0.8% - 14.3 % 1.3 % The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions (in thousands): March 31, 2022 Weighted Discount Weighted Impact on fair value of 10% adverse change $ (9,330 ) $ (15,406 ) $ (481 ) Impact on fair value of 20% adverse change $ (18,140 ) $ (29,748 ) $ (963 ) 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 the fair value hierarchy. 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 mortgage, reverse mortgage and commercial loan portfolios. The value of the forward commitments is estimated using current market prices for HMBS and are considered Level 2 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. 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 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 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 weighted average remaining life, borrower repayment rates, and discount rates. The following table presents the weighted average significant unobservable inputs used in the fair value measurement of HMBS related obligations for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Conditional repayment rate NM 21.6 % NM 20.8 % Discount rate NM 3.3 % NM 2.3 % Nonrecourse Debt, at Fair Value 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. 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 significant unobservable inputs used in the measurement include: borrower repayments rates and discount rates. 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 assumptions used in the fair value measurements of nonrecourse debt for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Performing/Nonperforming HECM securitizations Weighted average remaining life (in years) 0.7-0.9 0.8 0.2 - 0.8 0.5 Conditional repayment rate 16.1% - 26.0 % 19.9 % 30.8% - 54.4 % 43.5 % Discount rate NM 4.1 % NM 2.3 % Securitized Non-Agency Weighted average remaining life (in years) 0.8-2.2 1.6 1.0 - 2.3 1.6 Conditional repayment rate 15.6% - 37.0 % 26.3 % 18.4% - 35.9 % 28.2 % Discount rate NM 4.0 % 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 assumptions used in the fair value measurements of nonrecourse debt for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Average Range Weighted Average Weighted average remaining life (in months) NM 3.7 NM 4.0 Weighted average prepayment speed (SMM) NM 15.7 % NM 14.0 % Discount rate NM 4.9 % NM 3.1 % Deferred Purchase Price Liabilities Deferred purchase price liabilities are measured using a present value of future payments which considers various assumptions, including future loan % to value the deferred Tax Receivable Agreement (“TRA”) Obligation The fair value of the TRA obligation resulting from the exchanges at the Business Combination Closing Date is derived through the use of a DCF model. The significant assumptions used in the DCF include the ability to utilize tax attributes based on current tax forecasts, a constant U.S. federal income tax rate and an assumed weighted average state and local income tax rate, and a 13.5% discount rate at March 31, 2022 and December 31, 2021 applied to future payments under the Tax Receivable Agreements. The Company classifies the TRA obligation as Level 3 in the fair value hierarchy. Nonrecourse MSR Financing Liability The Company has sold to certain third parties the right to receive all excess servicing and ancillary fees related to identified MSRs in exchange for an upfront payment equal to the entire purchase price of the identified MSRs. The Company has elected to account for the servicing liability using the fair value option. Consistent with the underlying MSRs, fair value is derived through a DCF 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 rights 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. The Company classifies the valuations of the nonrecourse MSR financing liability as Level 3 in the fair value disclosures. The Company utilized the following weighted average assumptions in estimating the fair value of the outstanding nonrecourse MSR financing liability: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Weighted average prepayment speed (CPR) 0.7% - 10.5 % 6.6 % 2.0% - 11.0 % 7.7% Discount rate 8.1% - 10.1 % 8.5 % 8.1% - 10.1 % 9.1% Weighted average delinquency rate NM 1.3 % NM 1.3% Retained Bonds, at Fair Value The retained bonds, at fair value, represents the U.S. Risk Retention Certificates, a 5% eligible vertical interest in the Company’s unconsolidated VIEs: HAWT 2021-INV1, HAWT 2021-INV2 and HAWT 2021-INV3. The beneficial interests retained consist of an interest in each class of securities issued by the Trust. Because of the nature of the valuation inputs and due to the lack of observable market prices or data the Company classifies retained bonds as Level 3 assets within the GAAP hierarchy. Quarterly, management obtains third party valuations to assess the reasonableness of the fair value calculations provided by the internal valuation model. The following table presents the weighted average significant unobservable assumptions used in the fair value measurement of retained bonds for the period indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Weighted average remaining life (in years) 2.5 - 24.7 5.0 2.6 - 25.0 5.1 Discount rate -2.6% - 8.9 % 4.1 % 1.9% - 8.2 % 2.7 % Warrants The Company has determined that the FoA warrants are subject to treatment as a liability. The warrants issued are exercisable for shares of Class A Common Stock of FoA at an exercise price of $11.50 per share. The warrants are publicly traded and are valued based on the closing market price of the applicable date of the Condensed Consolidated Statements of Financial Condition. Accordingly, the warrants are classified as Level 1 financial instruments. Fair Value of Assets and Liabilities The following table provides a summary of the recognized assets and liabilities that are measured at fair value on a recurring basis (in thousands): March 31, 2022 Total Fair Level 1 Level 2 Level 3 Assets Loans held for investment, subject to HMBS related obligations $ 10,672,152 $ — $ — $ 10,672,152 Loans held for investment, subject to nonrecourse debt: Reverse mortgage loans 5,830,105 — — 5,830,105 Fix & flip mortgage loans 405,885 — — 405,885 Loans held for investment: Reverse mortgage loans 1,103,163 — — 1,103,163 Fix & flip mortgage loans 69,962 — — 69,962 Agricultural loans 45,865 — — 45,865 Loans held for sale: Residential mortgage loans 1,500,785 — 1,480,312 20,473 SRL 131,137 — — 131,137 Portfolio 77,435 — — 77,435 MSRs 426,102 — — 426,102 Derivative assets: Forward commitments, TBAs, and Treasury Futures 2,172 — 2,172 — IRLCs 2,736 — — 2,736 Forward MBS 34,867 — 34,867 — Interest rate swap futures 241,430 241,430 — — Other assets: Investments 6,000 — — 6,000 Retained bonds 50,875 — — 50,875 Total assets $ 20,600,671 $ 241,430 $ 1,517,351 $ 18,841,890 Liabilities HMBS related obligations $ 10,548,131 $ — $ — $ 10,548,131 Nonrecourse debt: Nonrecourse debt in consolidated VIE trusts 6,032,157 — — 6,032,157 Nonrecourse commercial loan financing liability 127,639 — — 127,639 Nonrecourse MSR financing liability 163,981 — — 163,981 Deferred purchase price liabilities: Deferred purchase price liabilities 7,852 — — 7,852 TRA obligation 29,380 — — 29,380 Derivative liabilities: Forward MBS 1,183 — 1,183 — Forward commitments, TBAs, and Treasury Futures 57 57 — — Interest rate swap futures 90,124 90,124 0 — Warrant Liability 5,648 5,648 — — Total liabilities $ 17,006,152 $ 95,829 $ 1,183 $ 16,909,140 December 31, 2021 Total Fair Level 1 Level 2 Level 3 Assets Loans held for investment, subject to HMBS related obligations $ 10,556,054 $ — $ — $ 10,556,054 Loans held for investment, subject to nonrecourse debt: Reverse mortgage loans 5,823,301 — — 5,823,301 Fix & flip mortgage loans 394,893 — — 394,893 Loans held for investment: Reverse mortgage loans 940,604 — — 940,604 Fix & flip mortgage loans 62,933 — — 62,933 Agricultural loans 27,791 — — 27,791 Loans held for sale: Residential mortgage loans 1,902,952 — 1,885,627 17,325 SRL 98,852 — — 98,852 Portfolio 50,574 — — 50,574 MSRs 427,942 — — 427,942 Derivative assets: Forward commitments, TBAs, and Treasury Futures 1,763 — 1,763 — IRLCs 23,222 — — 23,222 Forward MBS 1,235 — 1,235 — Interest rate swap futures 22,650 22,650 — — Other assets: Investments 6,000 — — 6,000 Retained bonds 55,614 — — 55,614 Total assets $ 20,396,380 $ 22,650 $ 1,888,625 $ 18,485,105 Liabilities HMBS related obligations $ 10,422,358 $ — $ — $ 10,422,358 Nonrecourse debt: Nonrecourse debt in consolidated VIE trusts 5,857,069 — — 5,857,069 Nonrecourse commercial loan financing liability 111,738 — — 111,738 Nonrecourse MSR financing liability 142,435 — — 142,435 Deferred purchase price liabilities: Deferred purchase price liabilities 12,852 — — 12,852 TRA obligation 29,380 — — 29,380 Derivative liabilities: Forward MBS 1,644 — 1,644 — Forward commitments, TBAs, and Treasury Futures 186 108 78 — Interest rate swap futures 24,848 24,848 — — Warrant Liability 5,497 5,497 — — Total liabilities $ 16,608,007 $ 30,453 $ 1,722 $ 16,575,832 Assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3, in thousands): Successor Assets March 31, 2022 Loans held for Loans held for Loans held Derivative MSRs Retained Investments Beginning balance, January 1, 2022 $ 11,587,382 $ 6,218,194 $ 166,750 $ |
Reverse Mortgage Portfolio Comp
Reverse Mortgage Portfolio Composition | 3 Months Ended |
Mar. 31, 2022 | |
Reverse Mortgages Portfolio Composition [Abstract] | |
Reverse Mortgage Portfolio Composition | 5. Reverse Mortgage Portfolio Composition The table below summarizes the composition and the remaining UPB (in thousands) of the reverse mortgage loan portfolio serviced by the Company: March 31, December 31, Reverse mortgage loans: Reverse mortgage loans held for investment, subject to HMBS related obligations $ 10,109,820 $ 9,849,835 Reverse mortgage loans held for investment: Non-agency 601,067 432,144 Loans not securitized (1) 313,569 266,723 Unpoolable loans (2) 65,303 104,551 Unpoolable tails 8,382 12,008 Total reverse mortgage loans held for investment 988,321 815,426 Reverse mortgage loans held for investment, subject to nonrecourse debt: Performing HECM buyouts 304,503 289,089 Nonperforming HECM buyouts 656,608 590,729 Non-agency 4,520,841 4,285,661 Total reverse mortgage loans held for investment, subject to nonrecourse debt 5,481,952 5,165,479 Total owned reverse mortgage portfolio 16,580,093 15,830,740 Loans reclassified as government guaranteed receivable 56,372 48,625 Loans serviced for others 13,959 17,840 Total serviced reverse mortgage loan portfolio $ 16,650,424 $ 15,897,205 (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 reverse mortgage portfolio owned by the Company by product type (in thousands): March 31, December 31, Fixed rate loans $ 6,566,169 $ 5,384,865 Adjustable rate loans 10,013,924 10,445,875 Total owned reverse mortgage portfolio $ 16,580,093 $ 15,830,740 As of March 31, 2022 and December 31, 2021, there were $595.7 million and $599.1 million, respectively, of foreclosure proceedings in process, which are included in loans held for investment, at fair value, on the Condensed Consolidated Statements of Financial Condition. |
Loans Held for Investment, Subj
Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
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 | 6. Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value Loans held for investment, subject to HMBS related obligations, at fair value, consisted of the following for the dates indicated (in thousands): March 31, December 31, Loans held for investment, subject to HMBS related obligations - UPB $ 10,109,820 $ 9,849,835 Fair value adjustments 562,332 706,219 Total loans held for investment, subject to HMBS related obligations, at fair value $ 10,672,152 $ 10,556,054 |
Loans Held for Investment, Su_2
Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Mortgage Loans Held For Investment Subject To Nonrecourse Debt At Fair Value [Abstract] | |
Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value | 7. Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value Loans held for investment, subject to nonrecourse debt, at fair value, consisted of the following for the dates indicated (in thousands): March 31, December 31, Loans held for investment, subject to nonrecourse debt - UPB: Reverse mortgage loans $ 5,481,952 $ 5,165,479 Commercial mortgage loans 404,974 388,788 Fair value adjustments 349,064 663,927 Total loans held for investment, subject to nonrecourse debt, at fair value $ 6,235,990 $ 6,218,194 The table below shows the total amount of loans held for investment, subject to nonrecourse debt, that were greater than 90 days past due and on non-accrual March 31, December 31, Loans 90 days or more past due and on non-accrual Fair value: Commercial mortgage loans $ 23,399 $ 26,081 Total fair value 23,399 26,081 Aggregate UPB: Commercial mortgage loans 23,697 26,472 Total aggregate UPB 23,697 26,472 Difference $ (298 ) $ (391 ) |
Loans Held for Investment, at F
Loans Held for Investment, at Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Mortgage Loans Held for Investment At Fair Value [Abstract] | |
Loans Held for Investment, at Fair Value | 8. Loans Held for Investment, at Fair Value Loans held for investment, at fair value, consisted of the following for the dates indicated (in thousands): March 31, December 31, Loans held for investment - UPB: Reverse mortgage loans $ 988,321 $ 815,426 Commercial mortgage loans 115,091 89,267 Fair value adjustments 115,578 126,635 Total loans held for investment, at fair value $ 1,218,990 $ 1,031,328 As of March 31, 2022 and December 31, 2021, there were $1.4 million and $2.3 million, respectively, of commercial loans that were greater than 90 days past due. As of March 31, 2022 and December 31, 2021, there were $969.3 million and $810.6 million, respectively, in loans held for investment, at fair value pledged as collateral for financing lines of credit. |
Loans Held for Sale, at Fair Va
Loans Held for Sale, at Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Mortgage Loans Held for Sale At Fair Value [Abstract] | |
Loans Held for Sale, at Fair Value | 9. Loans Held for Sale, at Fair Value Loans held for sale, at fair value, consisted of the following for the dates indicated (in thousands): March 31, December 31, Loans held for sale - UPB: Residential mortgage and home improvement loans $ 1,499,525 $ 1,859,788 Commercial mortgage loans 211,516 145,463 Fair value adjustments (1,684 ) 47,127 Total loans held for sale, at fair value $ 1,709,357 $ 2,052,378 The table below shows the total amount of loans held for sale that were greater than 90 days past due and on non-accrual March 31, December 31, Loans 90 days or more past due and on non-accrual Fair value: Residential mortgage and home improvement loans $ 3,495 $ 3,195 Commercial mortgage loans 2,549 3,163 Total fair value 6,044 6,358 Aggregate UPB: Residential mortgage loans 3,993 3,753 Commercial mortgage loans 2,676 3,323 Total aggregate UPB 6,669 7,076 Difference $ (625 ) $ (718 ) The Company originates or purchases and sells 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 table below shows a reconciliation of the changes in loans held for sale for the respective periods presented below (in thousands): For the three January 1, 2021 to March 31, 2021 Successor Predecessor Beginning balance $ 2,052,378 $ 2,222,811 Originations/purchases/repurchases 5,488,887 8,569,575 Proceeds from sales (5,872,779 ) (8,878,131 ) Loans acquired through business combinations — 35,226 Net transfers from loans held for investment 2,905 — Gain on loans held for sale, net 44,872 188,564 Net fair value gains on loans held for sale (6,906 ) 2,316 Ending balance $ 1,709,357 $ 2,140,361 As of March 31, 2022 and December 31, 2021, there were $1.7 million and $2.0 million, respectively, in loans held for sale, at fair value pledged as collateral for financing lines of credit. |
Mortgage Servicing Rights, at F
Mortgage Servicing Rights, at Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights, at Fair Value | 10. Mortgage Servicing Rights, at Fair Value The servicing portfolio associated with capitalized servicing rights consists of the following (in thousands): March 31, December 31, Fannie Mae/Freddie Mac $ 31,324,584 $ 37,079,995 Ginnie Mae 1,656,411 1,109,962 Private investors 1,077,563 1,109,459 Total UPB $ 34,058,558 $ 39,299,416 Weighted average interest rate 3.12 % 3.03 % The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands): For the three January 1, 2021 to March 31, 2021 Successor Predecessor Beginning UPB $ 39,299,416 $ 22,269,362 Originated MSRs 4,257,281 6,312,227 Purchased MSRs — 866,806 Sold MSRs (8,368,734 ) (1,090,267 ) Portfolio runoff (805,668 ) (1,488,977 ) Other (323,737 ) (193,793 ) Ending UPB $ 34,058,558 $ 26,675,358 The activity in the MSRs asset consisted of the following (in thousands): For the three January 1, 2021 to March 31, 2021 Successor Predecessor Beginning balance $ 427,942 $ 180,684 Originations 53,444 65,964 Purchases — 9,014 Sales (107,652 ) (8,647 ) Changes in fair value due to: Changes in market inputs or assumptions used in valuation model 63,890 35,109 Changes in fair value due to portfolio runoff and other (11,522 ) (14,760 ) Ending balance $ 426,102 $ 267,364 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 $14.3 million for the Successor three months ended March 31, 2022, and $13.0 million for the Predecessor period from January 1, 2021 to March 31, 2021. These fees and changes in fair value of the MSRs are recorded within fee income on the Condensed Consolidated Statements of Operations (Unaudited). As of March 31, 2022 and December 31, 2021, there were $164.0 million and $142.4 million, respectively, in MSRs, at fair value pledged as collateral for nonrecourse debt. The following table provides a summary of the loan servicing portfolio delinquencies as a percentage of the total number of loans and the total UPB of the portfolio: March 31, 2022 December 31, 2021 Number of Unpaid Number of Unpaid Portfolio delinquency 30 days 0.4 % 0.4 % 0.4 % 0.3 % 60 days 0.1 % 0.1 % 0.1 % 0.0 % 90 or more days 0.1 % 0.1 % 0.1 % 0.1 % Total 0.6 % 0.6 % 0.6 % 0.4 % Foreclosure/real estate owned 0.0 % 0.0 % 0.0 % 0.0 % |
Derivative and Risk Management
Derivative and Risk Management Activities | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Risk Management Activities | 11. 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 MBS 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 March 31, 2022 and December 31, 2021. The following tables summarize the fair value, notional amount, and unrealized gains (losses) of derivative instruments (in thousands) for the periods indicated: March 31, 2022 Derivative assets Derivative liabilities Fair value Notional Unrealized Fair Notional Unrealized IRLCs $ 2,736 $ 2,182,604 $ (20,486 ) $ — $ — $ — Forward commitments, TBAs and Treasury Futures 2,172 81,737 408 57 362,000 129 Interest rate swaps and futures contracts 241,430 7,317,500 218,781 90,124 4,732,700 (65,276 ) Forward MBS 34,867 2,326,213 33,632 1,183 243,000 461 Net fair value of derivative financial instruments $ 281,205 $ 11,908,054 $ 232,335 $ 91,364 $ 5,337,700 $ (64,686 ) December 31, 2021 Derivative assets Derivative liabilities Fair Notional Unrealized Fair Notional Unrealized IRLCs $ 23,222 $ 2,047,938 $ (64,354 ) $ — $ — $ — Forward commitments, TBAs and Treasury Futures 1,763 6,171,300 (43 ) 186 6,113,000 1,146 Interest rate swaps and futures contracts 22,650 6,143,300 19,966 24,848 6,094,100 (24,093 ) Forward MBS 1,235 658,000 1,235 1,644 1,501,000 16,991 Net fair value of derivative financial instruments $ 48,870 $ 15,020,538 $ (43,196 ) $ 26,678 $ 13,708,100 $ (5,956 ) The Company is exposed to risk in the event of nonperformance by counterparties in their derivative contracts. In general, the Company manages such risk by evaluating the financial position and creditworthiness of counterparties, monitoring the amount of exposure and/or dispersing the risk among multiple counterparties. While the Company does not presently have master netting arrangements with its derivative counterparties, it does either maintain or deposit cash as margin collateral with its clearing broker to the extent the relative value of its derivatives are above or below their initial strike price. The Company held deposits from its clearing broker of $163.4 million as of March 31, 2022 and had provided deposits to its clearing broker of $23.2 million as of December 31, 2021. Total margin collateral is included in other assets, net, when in a net receivable position or in payables and other liabilities when in a net payable position in the Company’s Condensed Consolidated Statements of Financial Condition. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 12. Goodwill Goodwill consisted of the following (in thousands): As of March 31, As of March 31, Successor Predecessor Beginning balance $ — $ 121,233 Additions from acquisitions — 7,517 Ending balance $ — $ 128,750 The Company did t record any goodwill or related impairment for the Successor three months ended March 31, 2022 and no impairment was recorded for the Predecessor p As of March 31, As of March 31, Successor Predecessor Reporting units: Mortgage Originations $ — $ 51,946 Commercial Originations — 43,113 Lender Services — 25,247 Portfolio Management — 8,444 Total goodwill $ — $ 128,750 |
Intangible Assets, Net
Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets, Net | 13. Intangible Assets, Net Intangible assets, net, consisted of the following (in thousands): March 31, 2022 Amortization Cost Accumulated Impairment Net Successor: Non-amortizing Trade name N/A $ 91,600 $ — $ — $ 91,600 Total non-amortizing $ 91,600 $ — $ — $ 91,600 Amortizing intangibles Broker/customer relationships 8 - 15 $ 541,100 $ (52,948 ) $ — $ 488,152 Trade names and other 5 - 10 10,937 (1,597 ) — 9,340 Total amortizing intangibles $ 552,037 $ (54,545 ) $ — $ 497,492 Total intangibles $ 643,637 $ (54,545 ) $ — $ 589,092 December 31, 2021 Amortization Cost Accumulated Impairment Net Successor: Non-amortizing Trade name N/A $ 178,000 $ — $ (86,400 ) $ 91,600 Total non-amortizing $ 178,000 $ — $ (86,400 ) $ 91,600 Amortizing intangibles Broker/customer relationships 8 - 15 $ 541,100 $ (39,711 ) $ — $ 501,389 Trade names and other 5 - 10 10,937 (1,026 ) — 9,911 Total amortizing intangibles $ 552,037 $ (40,737 ) $ — $ 511,300 Total intangibles $ 730,037 $ (40,737 ) $ (86,400 ) $ 602,900 Amortization expense was $ million for the Successor three months ended March , , and $ million for the Predecessor period from January , to March , . The estimated amortization expense for each of the five succeeding fiscal years and thereafter as of March 31, 2022 is as follows (in thousands): Year Ending December 31, Amount 2022 $ 41,645 2023 55,233 2024 55,233 2025 55,233 2026 55,126 Thereafter 235,022 Total future amortization expens e $ 497,492 |
HMBS Related Obligations, at Fa
HMBS Related Obligations, at Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Home Equity Conversion Mortgage Backed Security Related Obligations At Fair Value [Abstract] | |
HMBS Related Obligations, at Fair Value | 14. HMBS Related Obligations, at Fair Value HMBS related obligations, at fair value, consisted of the following (in thousands): March 31, 2022 December 31, 2021 Ginnie Mae loan pools - UPB $ 10,109,820 $ 9,849,835 Fair value adjustments 438,311 572,523 Total HMBS related obligations, at fair value $ 10,548,131 $ 10,422,358 Weighted average remaining life (in years) 4.4 4.6 Weighted average interest rate 2.6 % 2.5 % 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 the Condensed Consolidated Statements of Financial Condition as loans held for investment, subject to HMBS related obligations, at fair value and recording the pooled HMBS as HMBS related obligations, at fair value. Monthly cash flows generated from the HECM loans are used to service the outstanding HMBS. The Company was servicing 1,896 and 1,849 Ginnie Mae loan pools at March 31, 2022 and December 31, 2021, respectively. |
Nonrecourse Debt, at Fair Value
Nonrecourse Debt, at Fair Value | 3 Months Ended |
Mar. 31, 2022 | |
Debt Instruments [Abstract] | |
Nonrecourse Debt, at Fair Value | 15. Nonrecourse Debt, at Fair Value Nonrecourse debt, at fair value, consisted of the following (in thousands): Issue Date Final Interest Original Issue March 31, December 31, Securitization of performing / nonperforming HECM loans July July 2030 0.88% $1,805,528 $1,026,869 $922,970 Securitization of non-agency May May 2023 1.25% 6,345,967 4,857,333 4,630,203 Securitization of Fix & Flip loans April November 2.10% 268,511 268,511 268,511 Total consolidated VIE nonrecourse debt UPB 6,152,713 5,821,684 Nonrecourse MSR financing liability, at fair value 163,981 142,435 Nonrecourse commercial loan financing liability (1) 123,900 107,744 Fair value adjustments (116,817 ) 39,379 Total nonrecourse debt, at fair value $ 6,323,777 $ 6,111,242 (1) Future repayment of nonrecourse debt issued by securitization trusts is dependent on the receipt of cash flows from the corresponding encumbered loans receivable. As of March 31, 2022, estimated maturities for nonrecourse debt, at fair value, for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Estimated (1) 2022 $ 1,242,161 2023 2,644,434 2024 2,088,782 2025 301,236 Thereafter — Total payments on nonrecourse debt $ 6,276,613 (1) Nonrecourse MSR financing liability is excluded from this balance, as the timing of the payments of the nonrecourse MSR financing liability is dependent on the payments received on the underlying MSRs and no contractual maturity date is applicable. |
Other Financing Lines of Credit
Other Financing Lines of Credit | 3 Months Ended |
Mar. 31, 2022 | |
Line of Credit Facility [Abstract] | |
Other Financing Lines of Credit | 16. Other Financing Lines of Credit The following summarizes the components of other financing lines of credit (in thousands): Outstanding borrowings at Maturity Date Interest Rate Collateral Pledged Total (1) March 31, December 31, Mortgage Lines: April 2022 - June 2023 LIBOR/SOFR + First Lien $ 3,225,000 $ 1,431,784 $ 1,802,348 May 2022 - November 2022 LIBOR/ MSRs 95,329 110,885 138,524 March 2026 LIBOR + Mortgage Related 150,000 51,269 55,666 Subtotal mortgage lines of credit $ 3,470,329 $ 1,593,908 $ 1,996,538 Reverse Lines: April 2022 - April 2023 LIBOR + First Lien $ 1,275,000 $ 887,435 $ 714,013 April 2022 - September 2023 Bond accrual rate Mortgage Related 397,500 300,834 297,893 February 2024 LIBOR + MSRs 90,000 70,365 78,952 May 2022 Prime + .50%; Unsecuritized 50,000 44,257 38,544 Subtotal reverse lines of credit $ 1,812,500 $ 1,302,891 $ 1,129,402 Commercial Lines: June 2022 - August 2022 LIBOR/SOFR + Encumbered $ 125,000 $ 25,036 $ 25,127 April 2022 - January 2024 LIBOR + First Lien 432,500 237,921 167,159 August 2022 10% Second Lien 30,000 30,000 24,175 N/A LIBOR + Mortgage Related — — 5,041 Subtotal commercial lines of credit $ 587,500 $ 292,957 $ 221,502 Total other financing lines of credit $ 5,870,329 $ 3,189,756 $ 3,347,442 (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 March 31, 2022. As of March 31, 2022 and December 31, 2021, the weighted average outstanding interest rates on outstanding financing lines of credit of the Company were 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 of March 31, 2022, the Company was in compliance with its liquidity requirements and net worth covenants. With respect to certain profitability requirements, the Company obtained waivers or amendments to its profitability covenants as of March 31, 2022. 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 or its subsidiaries 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 March 31, 2022, 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): Financial Covenants Requirement March 31, 2022 Maximum Allowable (1) FAM Adjusted Tangible Net Worth (2) $ 225,000 $ 243,900 $ 18,900 Liquidity 55,000 68,451 $ 13,451 Leverage Ratio 15:1 10.2:1 78,327 Material Decline in Lender Adjusted Net Worth: Lender Adjusted Tangible Net Worth (Quarterly (3) $ 161,235 $ 301,073 $ 139,838 Lender Adjusted Tangible Net Worth (Two-Consecutive Quarterly requirement) (3) 120,432 301,073 $ 180,641 FAR Adjusted Tangible Net Worth (2) $ 417,826 $ 452,613 $ 34,787 Liquidity 20,000 113,656 $ 93,656 Leverage Ratio 6:1 4.3:1 $ 126,542 (1) The Maximum Allowable Distribution for any of the originations subsidiaries is the lowest of the amounts shown for the particular originations (2) This amount is based on the most restrictive financing line of credit covenant. (3) This amount is the covenant calculation specific to FNMA. As of December 31, 2021, 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): Financial Covenants Requirement December 31, 2021 Maximum Allowable (1) FAM Adjusted Tangible Net Worth (2) $ 150,000 $ 180,032 $ 30,032 Liquidity 40,000 43,734 3,734 Leverage Ratio 15:1 13.9:1 12,154 Material Decline in Lender Adjusted Net Worth: Lender Adjusted Tangible Net Worth (Quarterly requirement) (3) $ 150,539 $ 214,979 $ 64,440 Lender Adjusted Tangible Net Worth (Two-Consecutive (3) 114,830 214,979 100,149 FACo Adjusted Tangible Net Worth $ 85,000 $ 87,350 $ 2,350 Liquidity 20,000 32,728 12,728 Leverage Ratio 6:1 2.8:1 46,895 FAR Adjusted Tangible Net Worth $ 417,826 $ 527,443 $ 109,617 Liquidity 20,000 23,845 3,845 Leverage Ratio 6:1 2.9:1 264,134 (1) The Maximum Allowable Distribution for any of the originations subsidiaries is the lowest of the amounts shown for the particular originations subsidiary. (2) This amount is based on the most restrictive financing line of credit covenant. (3) This amount is the covenant calculation specific to FNMA. |
Payables and Other Liabilities
Payables and Other Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Payables and Other Liabilities | 17. Payables and Other Liabilities Payables and other liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued liabilities $ 259,133 $ 114,931 Derivative liabilities 91,364 26,678 Accrued compensation expense 82,052 129,919 Lease liabilities 62,933 65,518 Deferred purchase price liabilities 42,541 47,479 GNMA reverse mortgage buyout payable 33,601 31,274 Deferred tax liability, net 19,658 18,581 Estimate of claim losses 15,821 14,993 Liability for loans eligible for repurchase from GNMA 10,345 7,956 Repurchase reserves 7,856 8,685 Warrant liability 5,648 5,497 Total payables and other liabilities $ 630,952 $ 471,511 Warrants As of March 31, 2022, there were 14,375,000 Public Warrants outstanding. As of March 31, 2022, and December 31, 2021, the Warrants had a fair value of $5.6 million and $5.5 million, respectively. These liability-classified Public Warrants are out of the money and thus have no impact on diluted EPS. |
Notes Payable, Net
Notes Payable, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes Payable [Abstract] | |
Notes Payable, Net | 18. Notes Payable, Net A summary of the outstanding notes payable, net, is presented in the table below (in thousands): Description Maturity Date Interest Rate March 31, 2022 December 31, 2021 Senior Unsecured Notes November 2025 7.9% $ 350,000 $ 350,000 Fair value adjustment, net of amortization (1) 3,196 3,383 Total notes payable, net $ 353,196 $ 353,383 (1) In conjunction with the Business Combination, 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 $6.7 million for the Successor three months ended March 31, 2022, and $7.7 million for the Predecessor period from January 1, 2021 to March 31, 2021. The Company was in compliance with all required covenants related to the Notes as of March 31, 2022. |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2022 | |
Litigation [Abstract] | |
Litigation | 19. 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, alterations in business practices, or 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 establishes 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 March 31, 2022, there were no matters that the Company considered to be 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 stayed pending a ruling by the Supreme Court of the United States in Viking River Cruises, Inc. v. Moriana. 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 be presently determined, and a range of possible losses cannot be reasonably estimated. 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 $0.9 million for the Successor three months ended March 31, 2022, and $4.2 million for the Predecessor period from January 1, 2021 to March 31, 2021. These expenses are included in general and administrative expenses in the Condensed Consolidated Statements of Operations (Unaudited). |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20. 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, collecting and processing payments of interest and principal 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, non-agency The outstanding unfunded commitments available to borrowers related to agency and non-agency The Company also has commitments to purchase and sell loans totaling $33.7 million and $140.6 million, respectively, as of March 31, 2022, compared to $47.3 million and $0, respectively, as of December 31, 2021. Mandatory Repurchase Obligation The Company is required to repurchase reverse loans out of the Ginnie Mae 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 including, 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 Ginnie Mae securitization pools without prior approval from Ginnie Mae in certain instances. These situations include the borrower requesting an additional advance that causes the outstanding principal balance to be equal to 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 Ginnie Mae, 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 Ginnie Mae MBS Guide, and that the Company will take all actions necessary to ensure the HECM loan’s continued eligibility. The Ginnie Mae HMBS program requires that the Company removes the participation related to any HECM loan that does not meet the requirements of the Ginnie Mae MBS 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. |
Equity Based Compensation
Equity Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Based Compensation | 21. Equity Based Compensation Restricted Stock Units Pursuant to the terms of the A&R MLTIP, there are two 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 by pre-transaction Additionally, pursuant to the terms of the 2021 Omnibus Incentive Plan, the Company granted equity based compensation to certain employees and non-employee Non-LTIP (“Non-LTIP Non-LTIP Each type of RSUs is classified as equity and FoA accounts for the RSUs following the fair value method. Each type of RSUs’ fair values is fixed on the grant date and not remeasured unless the award is subsequently modified. 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 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 vested on the Replacement RSU grant date, and the remaining 75% 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 out of thirty consecutive trading days The second tranche of Earnout Right RSUs vest upon satisfaction of the service-based vesting conditions and if, at any time during the following the Closing, the VWAP of FoA’s Class A Common Stock is greater than or equal to $ for any twenty out of thirty consecutive trading days Non-LTIP Pursuant to the terms of the 2021 Omnibus Incentive Plan executed on November 18, 2021, the Company granted Non-LTIP non-employee All vesting is subject to each holder’s continued employment and are subject to forfeiture if the participant leaves the company for reasons other than those permitted under the plan. Employee Stock Purchase Plan On January 1, 2022, FoA opened an initial offering period for our Employee Stock Purchase Plan (the “ESPP”) for the benefit of Company employees. Participation in the ESPP is voluntary and is open to any Company employee who satisfies the eligibility requirements under the ESPP other than the Company’s “officers” (as defined in Rule 16a-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). The ESPP allows for shares of the Company’s Class A Common Stock to be purchased on behalf of participants, using funds contributed by participants through payroll deductions. Participants can contribute up to the lesser of 15% of the participant’s Base Earnings (as defined in the ESPP) or $50,000 per participant in any calendar year. The ESPP includes a matching component pursuant to which participating employees will be eligible to receive a grant of restricted stock units (“Match RSUs”) pursuant to and in accordance with the Company’s 2021 Omnibus Incentive Plan. The number of Match RSUs to be granted to participants with respect to each offering period will equal to 20% of the shares purchased by participants under the ESPP with respect to such offering period. The Company recorded $0.1 million in expense associated with the ESPP within salaries, benefits and related expenses on the Condensed Consolidated Statement of Operations (Unaudited) for the Successor three months ended March 31 2022. A summary of the each classification of RSU activity for the periods indicated is presented below in thousands, except for share information: Grant Date Fair Value Replacement RSUs Number of Number Total Weighted Total Fair Outstanding, December 31, 2021 10,392,226 20,640 10,412,866 $ 9.48 $ 98,714 Granted — — — — — Vested (722,398 ) 722,398 — — — Forfeited — — — — — Settled — (20,640 ) (20,640 ) 9.48 (196 ) Outstanding, March 31, 2022 9,669,828 722,398 10,392,226 $ 9.48 $ 98,518 On March 15, 2022, there was a good leaver event that resulted in 722,398 RSUs being vested. There are Replacement RSUs that , to December , on the first anniversary of the Business Combination ( ). Equity based compensation expense for the Replacement RSUs totaled $ million and $ for the Successor months ended March , and the Predecessor period from January , to March , , respectively. Unrecognized equity based compensation expense for the Replacement RSUs totaled $ million as of March , . Grant Date Fair Value Earnout Right RSUs Number of Number Total Weighted Total Fair Outstanding, December 31, 2021 1,531,440 — 1,531,440 $ 8.91 $ 13,638 Granted — — — — — Forfeited — — — — — Outstanding, March 31, 2022 1,531,440 — 1,531,440 $ 8.91 $ 13,638 No Earnout Right RSUs are scheduled to vest from April 1, 2022 to December 31, 2022. Equity based compensation expense for the Earnout Right RSUs totaled $2.2 million and $0 for the Successor three months ended March 31, 2022 and the Predecessor period from January 1, 2021 to March 31, 2021, respectively. Unrecognized equity based compensation expense for the Earnout Right RSUs totaled $4.0 million as of March 31, 2022. Grant Date Fair Value Non-LTIP Number Number Total Weighted Total Fair Outstanding, December 31, 2021 168,221 — 168,221 $ 5.35 $ 900 Granted 409,835 — 409,835 3.35 1,373 Vested — — — — — Settled — — — — — Outstanding, March 31, 2022 578,056 — 578,056 $ 3.93 $ 2,273 219,987 of the Non-LTIP Non-LTIP Non-LTIP as of LTIP On January 1, 2015, the Company established an LTIP 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 were accounted for as a profit-sharing arrangement, as they did 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 related 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 was considered to have been incurred “on the line.” The balance of the Company’s obligation under the Plan was replaced by the issuance of Replacement RSUs and Earnout Right RSUs described above as governed by the A&R MLTIP. |
Business Segment Reporting
Business Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Reporting | 22. Business Segment Reporting The following tables are a presentation of financial information by segment for the periods indicated (in thousands): For the three months ended March 31, 2022 Successor Mortgage Reverse Commercial Lender Portfolio Total Corporate Elim Total REVENUES Gain on sale and other income from loans held for sale, net $ 111,921 $ — $ — $ 210 $ 10,928 $ 123,059 $ — $ (4,707 ) $ 118,352 Net fair value gains on loans and related obligations — 105,755 3,475 — (102,785 ) 6,445 — 3,990 10,435 Fee income 20,149 1,816 17,158 76,152 54,525 169,800 — (12,196 ) 157,604 Net interest income (expense) Interest income 12,572 — — 160 1,047 13,779 94 — 13,873 Interest expense (9,371 ) — — (33 ) (16,723 ) (26,127 ) (6,703 ) — (32,830 ) Net interest income (expense) 3,201 — — 127 (15,676 ) (12,348 ) (6,609 ) — (18,957 ) Total revenue 135,271 107,571 20,633 76,489 (53,008 ) 286,956 (6,609 ) (12,913 ) 267,434 Total expenses 156,783 43,179 23,087 70,756 34,711 328,516 34,038 (13,018 ) 349,536 Other, net — 3,214 124 1,664 27 5,029 (152 ) (105 ) 4,772 Net (loss) income before taxes $ (21,512 ) $ 67,606 $ (2,330 ) $ 7,397 $ (87,692 ) $ (36,531 ) $ (40,799 ) $ — $ (77,330 ) Depreciation and amortization $ 2,820 $ 9,598 $ 514 $ 3,112 $ 91 $ 16,135 $ 509 $ — $ 16,644 Total assets 1,761,388 416,127 26,752 224,673 19,628,648 22,057,588 1,755,154 (1,734,835 ) 22,077,907 January 1, 2021 to March 31, 2021 Predecessor Mortgage Reverse Commercial Lender Portfolio Total Corporate Elim Total REVENUES Gain on sale and other income from loans held for sale, net $ 286,481 $ — $ — $ — $ 5,065 $ 291,546 $ — $ (212 ) $ 291,334 Net fair value gains on loans and related obligations — 68,449 5,431 — 2,750 76,630 — 33 76,663 Fee income 32,731 524 8,930 76,383 36,191 154,759 — 6,612 161,371 Net interest income (expense) Interest income 12,483 — — 28 138 12,649 12 — 12,661 Interest expense (11,592 ) — — (64 ) (14,954 ) (26,610 ) (7,756 ) — (34,366 ) Net interest income (expense) 891 — — (36 ) (14,816 ) (13,961 ) (7,744 ) — (21,705 ) Total revenue 320,103 68,973 14,361 76,347 29,190 508,974 (7,744 ) 6,433 507,663 Total expenses 224,246 23,693 13,391 62,970 24,406 348,706 18,683 5,925 373,314 Other, net — 34 149 2 895 1,080 (9,464 ) (508 ) (8,892 ) Net income (loss) before taxes $ 95,857 $ 45,314 $ 1,119 $ 13,379 $ 5,679 $ 161,348 $ (35,891 ) $ — $ 125,457 Depreciation and amortization $ 1,423 $ 151 $ 125 $ 1,268 $ 146 $ 3,113 $ 371 $ — $ 3,484 Total assets 2,425,529 35,861 82,375 125,317 17,378,088 20,047,170 379,562 (326,313 ) 20,100,419 |
Liquidity and Capital Requireme
Liquidity and Capital Requirements | 3 Months Ended |
Mar. 31, 2022 | |
Liquidity And Capital Requirements [Abstract] | |
Liquidity and Capital Requirements | 23. Liquidity and Capital Requirements FAM In addition to the covenant requirements of FAM mentioned in Note 16 - 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 $183.1 million as of March 31, 2022. FAM’s adjusted net worth was $301.1 million as of March 31, 2022. FAM is also subject to requirements related to material declines in quarterly and two consecutive quarter tangible net worth. As of March 31, 2022, FAM was in compliance with these covenants. 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 March 31, 2022, FAM was in compliance with applicable requirements. FAR As an issuer of HMBS, FAR is required by Ginnie Mae 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 Ginnie Mae. 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. As of March 31, 2022, FAR was in compliance with the minimum net worth, liquidity, capitalization levels and insurance requirements of Ginnie Mae. The minimum tangible net worth required of FAR by Ginnie Mae was $106.6 million as of March 31, 2022. FAR’s actual net worth calculated based on Ginnie Mae guidance was $439.0 million as of March 31, 2022. 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 March 31, 2022, 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, the ISG claims the exemption provision of SEC Rule 15c3-3(k)(2)(ii). No. 34-70073 240.17a-5 15c2-4. Agents National Title Insurance Company (“ANTIC”), 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, ANTIC entered into a capital maintenance agreement in conjunction with the approval for the certificate of authority for California. This agreement requires ANTIC to maintain a minimum of $8.0 million in policyholder surplus. If ANTIC falls below this requirement in any given quarter, Incenter must contribute cash, cash equivalents securities or other instruments to bring ANTIC in compliance. The Company’s insurance company subsidiaries met the existing minimum statutory capital and surplus requirements as of March 31, 2022. ANTIC is also required to maintain bonds, certificates of deposit and interest bearing accounts in accordance with applicable state regulatory requirements. The total requirement was $4.0 million across all states as of March 31, 2022. The Company was in compliance with these requirements as of March 31, 2022. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 24. Related Party Transactions Promissory Notes The Company had two Revolving Working Capital Promissory Note Agreements (the “2021 Promissory Notes”) outstanding with BTO Urban Holdings re-borrowed per annum mature in were t amounts outstanding and no interest on these notes paid during the Successor three months ended March 31, 2022 or for 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 $73.3 million and $88.7 million, respectively, for the Successor three months ended March 31, 2022, and $83.0 million and $82.1 million, respectively, for the Predecessor period from January 1, 2021 to March 31, 2021. The Company had promissory notes outstanding with FarmOps of $4.2 million and $4.1 million, including accrued interest, as of March 31, 2022 and December 31, 2021, respectively. In July 2021, upon meeting the contractual exercise condition, the Company exercised its warrant for the purchase of 6,426,015 Series A-2 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 all shares held by 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, were $0.6 million for the Predecessor period from January 1, 2021 to March 31, 2021. 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 March 31, 2022 and December 31, 2021, the Company had an outstanding advance of $160.1 million and $115.4 million, respectively, against this commitment for the purchase of beneficial interests in servicing fees associated with MSRs with a fair value of 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 three months ended March 31, 2022 and $0.1 million for the Predecessor period from January 1, 2021 to March 31, 2021. 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. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 25. Income Taxes The components of income tax expense were as follows: For the three January 1, 2021 to March 31, 2021 Successor Predecessor Net income before income taxes $ (77,330 ) $ 125,457 Provision for income taxes (13,335 ) 1,137 Effective tax provision rate 17.24 % 0.91 % The Company’s effective tax rate for the three months ended March 31, 2022 differs from the U.S.’s statutory rate primarily due to anticipated state statutory income tax rates as well as the projected mix of earnings or loss attributable to the noncontrolling interest not allocable to FoA. Prior to the Business Combination, FoA Equity operated as a U.S. Partnership which, generally, are not subject to federal and state income taxes. After the Business Combination, 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 or loss. 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 includes corporate taxes that it incurs based on its flow-through income from FoA Equity as well as its allocable portion of corporate taxes that are incurred by its regarded subsidiaries. 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 . No interest or penalties were recognized in income tax expense for the Successor three months ended March 31, 2022. Tax positions taken in tax years that remain open under the statute of limitations will be subject to examinations by tax authorities. With few exceptions, the Company is no longer subject to state or local examinations by tax authorities for tax years ended December 31, 2017 or prior. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per share | 26. 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 are held by one member, UFG. Therefore, the Company has omitted earnings per unit for the Predecessor periods presented due to the limited number of LLC unit holders. The following tables reconcile the numerators and denominators used in the computations of both basic and diluted earnings per share for the Successor periods (in thousands, except share data and per share amounts): For the three months ended Successor Basic net loss per share: Numerator Net loss $ (63,995 ) Less: loss attributable to noncontrolling interests (1) (55,502 ) Net loss attributable to holders of Class A Common Stock - basic $ (8,493 ) Denominator Weighted average shares of Class A Common Stock outstanding - basic 60,773,891 Basic net loss per share $ (0.14 ) (1) The Class A LLC Units of FoA Equity, held by the Continuing Unitholders, which comprise the noncontrolling interest in the Company, represents a participating security. Therefore, the numerator was adjusted to reduce net income by the amount of net income attributable to noncontrolling interests. 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 an allocation of expense related to the A&R MLTIP. See Note 21 — Equity Based Compensation for additional details. For the three Successor Diluted net loss per share: Numerator Net loss attributable to holders of Class A Common Stock $ (8,493 ) Reallocation of net loss assuming exchange of Class A LLC Units (1) (48,753 ) Net loss attributable to holders of Class A Common Stock - diluted $ (57,246 ) Denominator Weighted average shares of Class A Common Stock outstanding - basic 60,773,891 Effect of dilutive securities: Assumed exchange of weighted average Class A LLC Units for shares of Class A Common Stock (2) 128,675,045 Weighted average shares of Class A Common Stock outstanding - diluted 189,448,936 Diluted net loss per share $ (0.30 ) (1) This adjustment assumes the 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 the Company to such Class A LLC unitholders. The remaining compensation cost associated with the Replacement RSUs and Earnout Right RSUs will be born by FoA for the share attributable to Blackstone Tactical Opportunities Fund (Urban Feeder) - NQ L.P., a Delaware limited partnership (“Blocker”). As a result of the application of the if-converted (2) The diluted weighted average shares outstanding of Class A Common Stock includes the effects of the if-converted one-for-one In addition to the Class A LLC Units, the Company also had RSUs outstanding during the Successor three months ended March 31, 2022. The effects of the RSUs following the treasury stock method have been excluded from the computation of diluted net loss per share given that the if-converted |
Equity
Equity | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Equity | 27. Equity Class A Common Stock As of March 31, 2022 (Successor), there were 65,074,069 shares of Class A Common Stock outstanding, consisting of 60,815,569 issued and outstanding “catch-up” issued and outstanding C Pursuant to the Exchange Agreement, the Continuing Unitholders may elect to exchange their Class A LLC Units for shares of Class A Common Stock on a one-for-one Class B Common Stock As of March 31, 2022, there are 15 shares of Class B Common Stock outstanding, all holders of which are Class A LLC Unit holders. The Class B Common Stock, par value $0.0001 per share, 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 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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Line Items] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements comprise the financial statements of FoA and its controlled subsidiaries for the Successor three months ended March 31, 2022, and the financial statements of FoA Equity and its controlled subsidiaries for the Predecessor three months ended March 31, 2022. The condensed 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”). In the opinion of the Company, the accompanying financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of its financial condition as of March 31, 2022, and its results of operations and cash flows for the three months ended March 31, 2022 and 2021. The Condensed Consolidated Statement of Financial Condition at December 31, 2021 was derived from audited financial statements but does not contain all of the footnote disclosures from the annual financial statements. 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 condensed consolidated interim financial statements, including the significant accounting policies, should be read in conjunction with the annual 10-K 10-K The significant accounting policies, together with the other notes that follow, are an integral part of the condensed consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates and assumptions due to factors such as changes in the economy, interest rates, secondary market pricing, prepayment assumptions, home prices or discrete events affecting specific borrowers, and such differences could be material. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance Standard Description Effective Date Effect on Condensed Consolidated 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 1, 2022 The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures, as the Company does not currently issue freestanding written call options. |
Recently Issued Accounting Guidance, Not Yet Adopted | Recently Issued Accounting Guidance, Not Yet Adopted as of March 31, 2022 Standard Description Date of Planned Effect on Condensed Consolidated ASU 2020-04, 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. TBD This ASU is effective from March 12, 2020 through December 31, 2024. The Company continues to monitor the impact associated with reference rate reform, and will apply the amendments in this update to account for contract modifications due to changes in reference rates once those occur. The adoption of this standard is not expected to have a material impact on our condensed consolidated financial statements and related disclosures. ASU 2021-01, In January 2021, FASB issued an Update which refines the scope of ASU Topic 848 and clarifies the guidance issued to facilitate the effects of reference rate reform on financial reporting. The amendment permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements and calculating price alignment interest in connection with reference rate reform activities. ASU 2021-08, In October 2021, the FASB issued ASU 2021-08 January 1, 2023 This ASU is effective for all business combinations occurring after January 1, 2023. Adoption of this standard is not expected to have a material impact on our condensed consolidated financial statements and related disclosures. |
Variable Interest Entities an_2
Variable Interest Entities and Securitizations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 Condensed Consolidated Statements of Financial Condition and excludes intercompany balances, except for retained bonds and beneficial interests (in thousands): March 31, December 31, ASSETS Restricted cash $ 303,232 $ 311,652 Loans held for investment, subject to nonrecourse debt, at fair value 6,103,454 6,099,607 Other assets, net 73,701 67,593 TOTAL ASSETS $ 6,480,387 $ 6,478,852 LIABILITIES Nonrecourse debt, at fair value $ 6,268,232 $ 6,088,298 Payables and other liabilities 633 428 TOTAL VIE LIABILITIES 6,268,865 6,088,726 Retained bonds and beneficial interests eliminated in consolidation (236,076 ) (231,229 ) TOTAL CONSOLIDATED LIABILITIES $ 6,032,789 $ 5,857,497 |
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 (in thousands): March 31, December 31, Unconsolidated securitization trusts: Total collateral balances – UPB $ 1,056,341 $ 1,085,340 Total certificate balances $ 1,056,341 $ 1,085,340 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, 2022 Total Fair Level 1 Level 2 Level 3 Assets Loans held for investment, subject to HMBS related obligations $ 10,672,152 $ — $ — $ 10,672,152 Loans held for investment, subject to nonrecourse debt: Reverse mortgage loans 5,830,105 — — 5,830,105 Fix & flip mortgage loans 405,885 — — 405,885 Loans held for investment: Reverse mortgage loans 1,103,163 — — 1,103,163 Fix & flip mortgage loans 69,962 — — 69,962 Agricultural loans 45,865 — — 45,865 Loans held for sale: Residential mortgage loans 1,500,785 — 1,480,312 20,473 SRL 131,137 — — 131,137 Portfolio 77,435 — — 77,435 MSRs 426,102 — — 426,102 Derivative assets: Forward commitments, TBAs, and Treasury Futures 2,172 — 2,172 — IRLCs 2,736 — — 2,736 Forward MBS 34,867 — 34,867 — Interest rate swap futures 241,430 241,430 — — Other assets: Investments 6,000 — — 6,000 Retained bonds 50,875 — — 50,875 Total assets $ 20,600,671 $ 241,430 $ 1,517,351 $ 18,841,890 Liabilities HMBS related obligations $ 10,548,131 $ — $ — $ 10,548,131 Nonrecourse debt: Nonrecourse debt in consolidated VIE trusts 6,032,157 — — 6,032,157 Nonrecourse commercial loan financing liability 127,639 — — 127,639 Nonrecourse MSR financing liability 163,981 — — 163,981 Deferred purchase price liabilities: Deferred purchase price liabilities 7,852 — — 7,852 TRA obligation 29,380 — — 29,380 Derivative liabilities: Forward MBS 1,183 — 1,183 — Forward commitments, TBAs, and Treasury Futures 57 57 — — Interest rate swap futures 90,124 90,124 0 — Warrant Liability 5,648 5,648 — — Total liabilities $ 17,006,152 $ 95,829 $ 1,183 $ 16,909,140 December 31, 2021 Total Fair Level 1 Level 2 Level 3 Assets Loans held for investment, subject to HMBS related obligations $ 10,556,054 $ — $ — $ 10,556,054 Loans held for investment, subject to nonrecourse debt: Reverse mortgage loans 5,823,301 — — 5,823,301 Fix & flip mortgage loans 394,893 — — 394,893 Loans held for investment: Reverse mortgage loans 940,604 — — 940,604 Fix & flip mortgage loans 62,933 — — 62,933 Agricultural loans 27,791 — — 27,791 Loans held for sale: Residential mortgage loans 1,902,952 — 1,885,627 17,325 SRL 98,852 — — 98,852 Portfolio 50,574 — — 50,574 MSRs 427,942 — — 427,942 Derivative assets: Forward commitments, TBAs, and Treasury Futures 1,763 — 1,763 — IRLCs 23,222 — — 23,222 Forward MBS 1,235 — 1,235 — Interest rate swap futures 22,650 22,650 — — Other assets: Investments 6,000 — — 6,000 Retained bonds 55,614 — — 55,614 Total assets $ 20,396,380 $ 22,650 $ 1,888,625 $ 18,485,105 Liabilities HMBS related obligations $ 10,422,358 $ — $ — $ 10,422,358 Nonrecourse debt: Nonrecourse debt in consolidated VIE trusts 5,857,069 — — 5,857,069 Nonrecourse commercial loan financing liability 111,738 — — 111,738 Nonrecourse MSR financing liability 142,435 — — 142,435 Deferred purchase price liabilities: Deferred purchase price liabilities 12,852 — — 12,852 TRA obligation 29,380 — — 29,380 Derivative liabilities: Forward MBS 1,644 — 1,644 — Forward commitments, TBAs, and Treasury Futures 186 108 78 — Interest rate swap futures 24,848 24,848 — — Warrant Liability 5,497 5,497 — — Total liabilities $ 16,608,007 $ 30,453 $ 1,722 $ 16,575,832 |
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 March 31, 2022 Loans held for Loans held for Loans held Derivative MSRs Retained Investments Beginning balance, January 1, 2022 $ 11,587,382 $ 6,218,194 $ 166,750 $ 23,222 $ 427,942 $ 55,614 $ 6,000 Total gain or losses included in earnings (35,895 ) (313,720 ) (7,040 ) (20,486 ) 52,368 (3,289 ) — Purchases, settlements and transfers: Purchases and additions, net 1,848,155 30,342 396,020 — 53,444 — — Sales and settlements (612,624 ) (586,276 ) (329,590 ) — (107,652 ) (1,450 ) — Transfers in/(out) between categories (895,876 ) 887,450 2,905 — — — — Ending balance, March 31, 2022 $ 11,891,142 $ 6,235,990 $ 229,045 $ 2,736 $ 426,102 $ 50,875 $ 6,000 Successor Liabilities March 31, 2022 HMBS related Deferred Nonrecourse Nonrecourse Nonrecourse TRA Beginning balance, January 1, 2022 $ (10,422,358 ) $ (12,852 ) $ (5,857,069 ) $ (111,738 ) $ (155,108 ) $ (29,380 ) Total gains or losses included in earnings 85,582 — 105,340 254 (16,038 ) — Purchases, settlements and transfers: Purchases and additions, net (948,682 ) — (1,048,499 ) (60,658 ) 7,165 — Sales and settlements 737,327 5,000 768,072 44,502 — — Transfers in/(out) between categories — — — — — — Ending balance, March 31, 2022 $ (10,548,131 ) $ (7,852 ) $ (6,032,156 ) $ (127,640 ) $ (163,981 ) $ (29,380 ) |
Fair value, liabilities measured on recurring basis, unobservable input reconciliation | Predecessor Assets March 31, 2021 Loans held for Loans held Loans held Derivative MSRs 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 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") | Fair Value Option The Company has elected to measure substantially all of its loans held for investment, loans held for sale, HMBS related obligations and non-recourse 825-10, Financial Instruments-Overall. March 31, 2022 Estimated Fair Unpaid Principal Assets at fair value under the fair value option Loans held for investment, subject to HMBS related obligations $ 10,672,152 $ 10,109,820 Loans held for investment, subject to nonrecourse debt: Reverse mortgage loans 5,830,105 5,481,952 Commercial mortgage loans 405,885 404,974 Loans held for investment: Reverse mortgage loans 1,103,163 988,321 Commercial mortgage loans 115,827 115,091 Loans held for sale: Residential mortgage loans 1,500,785 1,499,525 Commercial mortgage loans 208,572 211,516 Liabilities at fair value under the fair value option HMBS related obligations 10,548,131 10,109,820 Nonrecourse debt: Nonrecourse debt in consolidated VIE trusts 6,032,157 6,152,713 Nonrecourse MSR financing liability 163,981 163,981 Nonrecourse commercial loan financing liability 127,639 123,900 December 31, 2021 Estimated Fair Unpaid Principal Assets at fair value under the fair value option Loans held for investment, subject to HMBS related obligations $ 10,556,054 $ 9,849,835 Loans held for investment, subject to nonrecourse debt: Reverse mortgage loans 5,823,301 5,165,479 Commercial mortgage loans 394,893 388,788 Loans held for investment: Reverse mortgage loans 940,605 815,426 Commercial mortgage loans 90,723 89,267 Loans held for sale: Residential mortgage loans 1,902,953 1,859,788 Commercial mortgage loans 149,425 145,463 Liabilities at fair value under the fair value option HMBS related obligations 10,422,358 9,849,835 Nonrecourse debt: Nonrecourse debt in consolidated VIE trusts 5,857,069 5,709,946 Nonrecourse MSR financing liability 142,435 142,435 Nonrecourse commercial loan financing liability 111,738 107,744 |
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 loans and related obligations (in thousands): For the three months January 1, 2021 to March 31, 2021 Successor Predecessor Net fair value gains (losses) on loans and related obligations: Interest income on commercial and reverse loans $ 163,694 $ 160,568 Change in fair value of loans (507,327 ) (51,346 ) Change in fair value of MBS — — Net fair value gains (losses) on loans (343,633 ) 109,222 Interest expense on HMBS and nonrecourse obligations (106,643 ) (119,201 ) Change in fair value of derivatives 165,579 43,972 Change in fair value of related obligations 295,132 42,670 Net fair value gains (losses) on related obligations 354,068 (32,559 ) Net fair value gains (losses) on loans and related $ 10,435 $ 76,663 |
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 assumptions used in the fair value measurement of loans held for investment, subject to HMBS related obligations, for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Conditional repayment rate NM 21.6 % NM 20.8 % Loss frequency NM 4.2 % NM 4.5 % Loss severity 2.4% - 6.9 % 2.6 % 3.1% - 7.7 % 3.3 % Discount rate NM 3.4 % NM 2.4 % 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 assumptions used in the fair value measurement of nonperforming securitized HECM buyouts for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Conditional repayment rate NM 39.7 % NM 41.2 % Loss frequency NM 60.5 % 25.0% - 100 % 59.5 % Loss severity 2.4% - 6.9 % 3.1 % 3.1% -7.7 % 4.3 % Discount rate NM 5.8 % NM 4.1 % |
HECM Buyouts Securitized [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | T he following table presents the weighted average significant unobservable assumptions used in the fair value measurement of performing securitized HECM buyouts for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Weighted average remaining life (in years) NM 9.0 NM 9.0 Conditional repayment rate NM 13.4 % NM 13.3 % Loss severity 2.4% - 6.9 % 6.9 % 3.1% - 7.7 % 7.7 % Discount rate NM 5.0 % NM 3.7 % |
Non Agency Reverse Mortgage Securitized [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement inputs and valuation techniques | T non-agency March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Weighted average remaining life (in years) NM 7.8 NM 7.5 Loan to value 0.1% - 69.0 % 43.1 % 0.1% - 64.7 % 43.4 % Conditional repayment rate NM 17.5 % NM 18.6 % Loss severity NM 10.0 % NM 10.0 % Home price appreciation -4.3% - 15.8 % 4.7 % -4.6% - 14 % 4.7 % Discount rate NM 4.9 % 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: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Prepayment rate (SMM) NM 14.4 % NM 14.1 % Discount rate NM 7.5 % NM 5.7 % Loss frequency 0.3% - 72.9 % 0.6 % 0.3% - 69.0 % 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 assumptions used in the fair value measurement of Inventory Buyouts classified as loans held for investment, at fair value for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Conditional repayment rate NM 44.9 % NM 43.2 % Loss frequency NM 68.3 % NM 59.4 % Loss severity 2.4% -6.9 % 4.9 % 3.1% - 7.7 % 3.8 % Discount rate NM 5.8 % 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 assumptions used in the fair value measurement of non-agency March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Weighted average remaining life (in years) NM 9.9 NM 9.2 Loan to value 2.9% - 69.1 % 47.2 % 0.2% - 68.7 % 47.8 % Conditional repayment rate NM 13.6 % NM 14.8 % Loss severity NM 10.0 % NM 10.0 % Home price appreciation -4.3% - 15.8 % 4.3 % -4.6% - 14.0 % 4.4 % Discount rate NM 4.9 % 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: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Discount rate NM 6.2 % NM 4.8 % Prepayment rate (SMM) 9.0% - 100.0 % 19.6 % 9.0% - 100.0 % 22.1 % Default rate (CDR) 0.0% - 1.0 % 0.9 % 0% - 0.7 % 0.9 % |
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 loans for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Prepayment rate (SMM) NM 11.2 % NM 11.9 % Discount rate 7.5% - 10.9 % 7.6 % 5.7% - 10.0 % 5.9 % Loss frequency NM 0.4 % 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: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Prepayment rate (CPR) 18.0% - 25.0 % 18.3 % 1.0% - 17.1 % 14.2 % Discount rate NM 5.1 % NM 3.3 % Default rate (CDR) NM 1.0 % 1.0% - 57.2 % 2.2 % |
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 Lending mortgage loans held for sale for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Prepayment rate (CPR) 0.0% - 22.6 % 13.0 % 0.0% - 14.5 % 8.7 % Discount rate NM 4.9 % NM 3.9 % Default rate (CDR) NM 1.0 % 1.0% - 54.0 % 3.2 % |
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: March 31, December 31, Capitalization servicing rate 1.3 % 1.1 % Capitalization servicing multiple 5.0 4.4 Weighted average servicing fee (in basis points) 26 25 The Company utilized the following weighted average assumptions in estimating the fair value of MSRs: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Weighted average prepayment speed (CPR) 0.1% - 10.5 % 6.7 % 0% - 12.8 % 8.3 % Discount rate NM 8.3 % NM 8.5 % Weighted average delinquency rate 0.8% - 12.4 % 1.4 % 0.8% - 14.3 % 1.3 % The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions (in thousands): March 31, 2022 Weighted Discount Weighted Impact on fair value of 10% adverse change $ (9,330 ) $ (15,406 ) $ (481 ) Impact on fair value of 20% adverse change $ (18,140 ) $ (29,748 ) $ (963 ) |
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: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Conditional repayment rate NM 21.6 % NM 20.8 % Discount rate NM 3.3 % NM 2.3 % |
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 assumptions used in the fair value measurements of nonrecourse debt for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Performing/Nonperforming HECM securitizations Weighted average remaining life (in years) 0.7-0.9 0.8 0.2 - 0.8 0.5 Conditional repayment rate 16.1% - 26.0 % 19.9 % 30.8% - 54.4 % 43.5 % Discount rate NM 4.1 % NM 2.3 % Securitized Non-Agency Weighted average remaining life (in years) 0.8-2.2 1.6 1.0 - 2.3 1.6 Conditional repayment rate 15.6% - 37.0 % 26.3 % 18.4% - 35.9 % 28.2 % Discount rate NM 4.0 % 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 assumptions used in the fair value measurements of nonrecourse debt for the periods indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Average Range Weighted Average Weighted average remaining life (in months) NM 3.7 NM 4.0 Weighted average prepayment speed (SMM) NM 15.7 % NM 14.0 % Discount rate NM 4.9 % NM 3.1 % |
Non Recourse MSR Financing Liability [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 the outstanding nonrecourse MSR financing liability: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Weighted average prepayment speed (CPR) 0.7% - 10.5 % 6.6 % 2.0% - 11.0 % 7.7% Discount rate 8.1% - 10.1 % 8.5 % 8.1% - 10.1 % 9.1% Weighted average delinquency rate NM 1.3 % NM 1.3% |
Retained Bonds [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 assumptions used in the fair value measurement of retained bonds for the period indicated: March 31, 2022 December 31, 2021 Unobservable Assumptions Range Weighted Range Weighted Weighted average remaining life (in years) 2.5 - 24.7 5.0 2.6 - 25.0 5.1 Discount rate -2.6% - 8.9 % 4.1 % 1.9% - 8.2 % 2.7 % |
Reverse Mortgage Portfolio Co_2
Reverse Mortgage Portfolio Composition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 composition and the remaining UPB (in thousands) of the reverse mortgage loan portfolio serviced by the Company: March 31, December 31, Reverse mortgage loans: Reverse mortgage loans held for investment, subject to HMBS related obligations $ 10,109,820 $ 9,849,835 Reverse mortgage loans held for investment: Non-agency 601,067 432,144 Loans not securitized (1) 313,569 266,723 Unpoolable loans (2) 65,303 104,551 Unpoolable tails 8,382 12,008 Total reverse mortgage loans held for investment 988,321 815,426 Reverse mortgage loans held for investment, subject to nonrecourse debt: Performing HECM buyouts 304,503 289,089 Nonperforming HECM buyouts 656,608 590,729 Non-agency 4,520,841 4,285,661 Total reverse mortgage loans held for investment, subject to nonrecourse debt 5,481,952 5,165,479 Total owned reverse mortgage portfolio 16,580,093 15,830,740 Loans reclassified as government guaranteed receivable 56,372 48,625 Loans serviced for others 13,959 17,840 Total serviced reverse mortgage loan portfolio $ 16,650,424 $ 15,897,205 (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 reverse mortgage portfolio owned by the Company by product type (in thousands): March 31, December 31, Fixed rate loans $ 6,566,169 $ 5,384,865 Adjustable rate loans 10,013,924 10,445,875 Total owned reverse mortgage portfolio $ 16,580,093 $ 15,830,740 |
Loans Held for Investment, Su_3
Loans Held for Investment, Subject to HMBS Related Obligations, at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 | Loans held for investment, subject to HMBS related obligations, at fair value, consisted of the following for the dates indicated (in thousands): March 31, December 31, Loans held for investment, subject to HMBS related obligations - UPB $ 10,109,820 $ 9,849,835 Fair value adjustments 562,332 706,219 Total loans held for investment, subject to HMBS related obligations, at fair value $ 10,672,152 $ 10,556,054 |
Loans Held for Investment, Su_4
Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 | Loans held for investment, subject to nonrecourse debt, at fair value, consisted of the following for the dates indicated (in thousands): March 31, December 31, Loans held for investment, subject to nonrecourse debt - UPB: Reverse mortgage loans $ 5,481,952 $ 5,165,479 Commercial mortgage loans 404,974 388,788 Fair value adjustments 349,064 663,927 Total loans held for investment, subject to nonrecourse debt, at fair value $ 6,235,990 $ 6,218,194 |
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 loans held for investment, subject to nonrecourse debt, that were greater than 90 days past due and on non-accrual March 31, December 31, Loans 90 days or more past due and on non-accrual Fair value: Commercial mortgage loans $ 23,399 $ 26,081 Total fair value 23,399 26,081 Aggregate UPB: Commercial mortgage loans 23,697 26,472 Total aggregate UPB 23,697 26,472 Difference $ (298 ) $ (391 ) |
Loans Held for Investment, at_2
Loans Held for Investment, at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Mortgage Loans Held for Investment At Fair Value [Abstract] | |
Schedule of loans held for investment at fair value | Loans held for investment, at fair value, consisted of the following for the dates indicated (in thousands): March 31, December 31, Loans held for investment - UPB: Reverse mortgage loans $ 988,321 $ 815,426 Commercial mortgage loans 115,091 89,267 Fair value adjustments 115,578 126,635 Total loans held for investment, at fair value $ 1,218,990 $ 1,031,328 |
Loans Held for Sale, at Fair _2
Loans Held for Sale, at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Mortgage Loans Held for Sale At Fair Value [Abstract] | |
Schedule of mortgage loans held for sale at fair value | Loans held for sale, at fair value, consisted of the following for the dates indicated (in thousands): March 31, December 31, Loans held for sale - UPB: Residential mortgage and home improvement loans $ 1,499,525 $ 1,859,788 Commercial mortgage loans 211,516 145,463 Fair value adjustments (1,684 ) 47,127 Total loans held for sale, at fair value $ 1,709,357 $ 2,052,378 |
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 loans held for sale that were greater than 90 days past due and on non-accrual March 31, December 31, Loans 90 days or more past due and on non-accrual Fair value: Residential mortgage and home improvement loans $ 3,495 $ 3,195 Commercial mortgage loans 2,549 3,163 Total fair value 6,044 6,358 Aggregate UPB: Residential mortgage loans 3,993 3,753 Commercial mortgage loans 2,676 3,323 Total aggregate UPB 6,669 7,076 Difference $ (625 ) $ (718 ) |
Summary of cash flows between transferor and transferees resulted from sale of mortgage loans held for sale | The table below shows a reconciliation of the changes in loans held for sale for the respective periods presented below (in thousands): For the three January 1, 2021 to March 31, 2021 Successor Predecessor Beginning balance $ 2,052,378 $ 2,222,811 Originations/purchases/repurchases 5,488,887 8,569,575 Proceeds from sales (5,872,779 ) (8,878,131 ) Loans acquired through business combinations — 35,226 Net transfers from loans held for investment 2,905 — Gain on loans held for sale, net 44,872 188,564 Net fair value gains on loans held for sale (6,906 ) 2,316 Ending balance $ 1,709,357 $ 2,140,361 |
Mortgage Servicing Rights, at_2
Mortgage Servicing Rights, at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, December 31, Fannie Mae/Freddie Mac $ 31,324,584 $ 37,079,995 Ginnie Mae 1,656,411 1,109,962 Private investors 1,077,563 1,109,459 Total UPB $ 34,058,558 $ 39,299,416 Weighted average interest rate 3.12 % 3.03 % The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands): For the three January 1, 2021 to March 31, 2021 Successor Predecessor Beginning UPB $ 39,299,416 $ 22,269,362 Originated MSRs 4,257,281 6,312,227 Purchased MSRs — 866,806 Sold MSRs (8,368,734 ) (1,090,267 ) Portfolio runoff (805,668 ) (1,488,977 ) Other (323,737 ) (193,793 ) Ending UPB $ 34,058,558 $ 26,675,358 The activity in the MSRs asset consisted of the following (in thousands): For the three January 1, 2021 to March 31, 2021 Successor Predecessor Beginning balance $ 427,942 $ 180,684 Originations 53,444 65,964 Purchases — 9,014 Sales (107,652 ) (8,647 ) Changes in fair value due to: Changes in market inputs or assumptions used in valuation model 63,890 35,109 Changes in fair value due to portfolio runoff and other (11,522 ) (14,760 ) Ending balance $ 426,102 $ 267,364 |
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 UPB of the portfolio: March 31, 2022 December 31, 2021 Number of Unpaid Number of Unpaid Portfolio delinquency 30 days 0.4 % 0.4 % 0.4 % 0.3 % 60 days 0.1 % 0.1 % 0.1 % 0.0 % 90 or more days 0.1 % 0.1 % 0.1 % 0.1 % Total 0.6 % 0.6 % 0.6 % 0.4 % Foreclosure/real estate owned 0.0 % 0.0 % 0.0 % 0.0 % |
Derivative and Risk Managemen_2
Derivative and Risk Management Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of derivative instruments | The following tables summarize the fair value, notional amount, and unrealized gains (losses) of derivative instruments (in thousands) for the periods indicated: March 31, 2022 Derivative assets Derivative liabilities Fair value Notional Unrealized Fair Notional Unrealized IRLCs $ 2,736 $ 2,182,604 $ (20,486 ) $ — $ — $ — Forward commitments, TBAs and Treasury Futures 2,172 81,737 408 57 362,000 129 Interest rate swaps and futures contracts 241,430 7,317,500 218,781 90,124 4,732,700 (65,276 ) Forward MBS 34,867 2,326,213 33,632 1,183 243,000 461 Net fair value of derivative financial instruments $ 281,205 $ 11,908,054 $ 232,335 $ 91,364 $ 5,337,700 $ (64,686 ) December 31, 2021 Derivative assets Derivative liabilities Fair Notional Unrealized Fair Notional Unrealized IRLCs $ 23,222 $ 2,047,938 $ (64,354 ) $ — $ — $ — Forward commitments, TBAs and Treasury Futures 1,763 6,171,300 (43 ) 186 6,113,000 1,146 Interest rate swaps and futures contracts 22,650 6,143,300 19,966 24,848 6,094,100 (24,093 ) Forward MBS 1,235 658,000 1,235 1,644 1,501,000 16,991 Net fair value of derivative financial instruments $ 48,870 $ 15,020,538 $ (43,196 ) $ 26,678 $ 13,708,100 $ (5,956 ) |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of goodwill | Goodwill consisted of the following (in thousands): As of March 31, As of March 31, Successor Predecessor Beginning balance $ — $ 121,233 Additions from acquisitions — 7,517 Ending balance $ — $ 128,750 |
Summary of goodwill allocated to each reporting unit consisted | As of March 31, As of March 31, Successor Predecessor Reporting units: Mortgage Originations $ — $ 51,946 Commercial Originations — 43,113 Lender Services — 25,247 Portfolio Management — 8,444 Total goodwill $ — $ 128,750 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Summary of intangible assets | Intangible assets, net, consisted of the following (in thousands): March 31, 2022 Amortization Cost Accumulated Impairment Net Successor: Non-amortizing Trade name N/A $ 91,600 $ — $ — $ 91,600 Total non-amortizing $ 91,600 $ — $ — $ 91,600 Amortizing intangibles Broker/customer relationships 8 - 15 $ 541,100 $ (52,948 ) $ — $ 488,152 Trade names and other 5 - 10 10,937 (1,597 ) — 9,340 Total amortizing intangibles $ 552,037 $ (54,545 ) $ — $ 497,492 Total intangibles $ 643,637 $ (54,545 ) $ — $ 589,092 December 31, 2021 Amortization Cost Accumulated Impairment Net Successor: Non-amortizing Trade name N/A $ 178,000 $ — $ (86,400 ) $ 91,600 Total non-amortizing $ 178,000 $ — $ (86,400 ) $ 91,600 Amortizing intangibles Broker/customer relationships 8 - 15 $ 541,100 $ (39,711 ) $ — $ 501,389 Trade names and other 5 - 10 10,937 (1,026 ) — 9,911 Total amortizing intangibles $ 552,037 $ (40,737 ) $ — $ 511,300 Total intangibles $ 730,037 $ (40,737 ) $ (86,400 ) $ 602,900 |
Summary of estimated amortization expense | The estimated amortization expense for each of the five succeeding fiscal years and thereafter as of March 31, 2022 is as follows (in thousands): Year Ending December 31, Amount 2022 $ 41,645 2023 55,233 2024 55,233 2025 55,233 2026 55,126 Thereafter 235,022 Total future amortization expens e $ 497,492 |
HMBS Related Obligations, at _2
HMBS Related Obligations, at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, 2022 December 31, 2021 Ginnie Mae loan pools - UPB $ 10,109,820 $ 9,849,835 Fair value adjustments 438,311 572,523 Total HMBS related obligations, at fair value $ 10,548,131 $ 10,422,358 Weighted average remaining life (in years) 4.4 4.6 Weighted average interest rate 2.6 % 2.5 % |
Nonrecourse Debt, at Fair Val_2
Nonrecourse Debt, at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Instruments [Abstract] | |
Summary of nonrecourse debt at fair value | Nonrecourse debt, at fair value, consisted of the following (in thousands): Issue Date Final Interest Original Issue March 31, December 31, Securitization of performing / nonperforming HECM loans July July 2030 0.88% $1,805,528 $1,026,869 $922,970 Securitization of non-agency May May 2023 1.25% 6,345,967 4,857,333 4,630,203 Securitization of Fix & Flip loans April November 2.10% 268,511 268,511 268,511 Total consolidated VIE nonrecourse debt UPB 6,152,713 5,821,684 Nonrecourse MSR financing liability, at fair value 163,981 142,435 Nonrecourse commercial loan financing liability (1) 123,900 107,744 Fair value adjustments (116,817 ) 39,379 Total nonrecourse debt, at fair value $ 6,323,777 $ 6,111,242 (1) |
Summary Of Estimated Maturities For Nonrecourse Debt Fair Value | As of March 31, 2022, estimated maturities for nonrecourse debt, at fair value, for the next five years and thereafter are as follows (in thousands): Year Ending December 31, Estimated (1) 2022 $ 1,242,161 2023 2,644,434 2024 2,088,782 2025 301,236 Thereafter — Total payments on nonrecourse debt $ 6,276,613 (1) Nonrecourse MSR financing liability is excluded from this balance, as the timing of the payments of the nonrecourse MSR financing liability is dependent on the payments received on the underlying MSRs and no contractual maturity date is applicable. |
Other Financing Lines of Cred_2
Other Financing Lines of Credit (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 (in thousands): Outstanding borrowings at Maturity Date Interest Rate Collateral Pledged Total (1) March 31, December 31, Mortgage Lines: April 2022 - June 2023 LIBOR/SOFR + First Lien $ 3,225,000 $ 1,431,784 $ 1,802,348 May 2022 - November 2022 LIBOR/ MSRs 95,329 110,885 138,524 March 2026 LIBOR + Mortgage Related 150,000 51,269 55,666 Subtotal mortgage lines of credit $ 3,470,329 $ 1,593,908 $ 1,996,538 Reverse Lines: April 2022 - April 2023 LIBOR + First Lien $ 1,275,000 $ 887,435 $ 714,013 April 2022 - September 2023 Bond accrual rate Mortgage Related 397,500 300,834 297,893 February 2024 LIBOR + MSRs 90,000 70,365 78,952 May 2022 Prime + .50%; Unsecuritized 50,000 44,257 38,544 Subtotal reverse lines of credit $ 1,812,500 $ 1,302,891 $ 1,129,402 Commercial Lines: June 2022 - August 2022 LIBOR/SOFR + Encumbered $ 125,000 $ 25,036 $ 25,127 April 2022 - January 2024 LIBOR + First Lien 432,500 237,921 167,159 August 2022 10% Second Lien 30,000 30,000 24,175 N/A LIBOR + Mortgage Related — — 5,041 Subtotal commercial lines of credit $ 587,500 $ 292,957 $ 221,502 Total other financing lines of credit $ 5,870,329 $ 3,189,756 $ 3,347,442 (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 March 31, 2022. |
Summary of maximum allowable distributions available to the Company based on the most restrictive of such financial covenant ratios | As of March 31, 2022, 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): Financial Covenants Requirement March 31, 2022 Maximum Allowable (1) FAM Adjusted Tangible Net Worth (2) $ 225,000 $ 243,900 $ 18,900 Liquidity 55,000 68,451 $ 13,451 Leverage Ratio 15:1 10.2:1 78,327 Material Decline in Lender Adjusted Net Worth: Lender Adjusted Tangible Net Worth (Quarterly (3) $ 161,235 $ 301,073 $ 139,838 Lender Adjusted Tangible Net Worth (Two-Consecutive Quarterly requirement) (3) 120,432 301,073 $ 180,641 FAR Adjusted Tangible Net Worth (2) $ 417,826 $ 452,613 $ 34,787 Liquidity 20,000 113,656 $ 93,656 Leverage Ratio 6:1 4.3:1 $ 126,542 (1) The Maximum Allowable Distribution for any of the originations subsidiaries is the lowest of the amounts shown for the particular originations (2) This amount is based on the most restrictive financing line of credit covenant. (3) This amount is the covenant calculation specific to FNMA. As of December 31, 2021, 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): Financial Covenants Requirement December 31, 2021 Maximum Allowable (1) FAM Adjusted Tangible Net Worth (2) $ 150,000 $ 180,032 $ 30,032 Liquidity 40,000 43,734 3,734 Leverage Ratio 15:1 13.9:1 12,154 Material Decline in Lender Adjusted Net Worth: Lender Adjusted Tangible Net Worth (Quarterly requirement) (3) $ 150,539 $ 214,979 $ 64,440 Lender Adjusted Tangible Net Worth (Two-Consecutive (3) 114,830 214,979 100,149 FACo Adjusted Tangible Net Worth $ 85,000 $ 87,350 $ 2,350 Liquidity 20,000 32,728 12,728 Leverage Ratio 6:1 2.8:1 46,895 FAR Adjusted Tangible Net Worth $ 417,826 $ 527,443 $ 109,617 Liquidity 20,000 23,845 3,845 Leverage Ratio 6:1 2.9:1 264,134 (1) The Maximum Allowable Distribution for any of the originations subsidiaries is the lowest of the amounts shown for the particular originations subsidiary. (2) This amount is based on the most restrictive financing line of credit covenant. (3) This amount is the covenant calculation specific to FNMA. |
Payables and Other Liabilities
Payables and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of payables and other liabilities | Payables and other liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued liabilities $ 259,133 $ 114,931 Derivative liabilities 91,364 26,678 Accrued compensation expense 82,052 129,919 Lease liabilities 62,933 65,518 Deferred purchase price liabilities 42,541 47,479 GNMA reverse mortgage buyout payable 33,601 31,274 Deferred tax liability, net 19,658 18,581 Estimate of claim losses 15,821 14,993 Liability for loans eligible for repurchase from GNMA 10,345 7,956 Repurchase reserves 7,856 8,685 Warrant liability 5,648 5,497 Total payables and other liabilities $ 630,952 $ 471,511 |
Notes Payable, Net (Tables)
Notes Payable, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 Rate March 31, 2022 December 31, 2021 Senior Unsecured Notes November 2025 7.9% $ 350,000 $ 350,000 Fair value adjustment, net of amortization (1) 3,196 3,383 Total notes payable, net $ 353,196 $ 353,383 (1) In conjunction with the Business Combination, 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. |
Equity Based Compensation (Tabl
Equity Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Replacement RS Us [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Activity of Grant | A summary of the each classification of RSU activity for the periods indicated is presented below in thousands, except for share information: Grant Date Fair Value Replacement RSUs Number of Number Total Weighted Total Fair Outstanding, December 31, 2021 10,392,226 20,640 10,412,866 $ 9.48 $ 98,714 Granted — — — — — Vested (722,398 ) 722,398 — — — Forfeited — — — — — Settled — (20,640 ) (20,640 ) 9.48 (196 ) Outstanding, March 31, 2022 9,669,828 722,398 10,392,226 $ 9.48 $ 98,518 On March 15, 2022, there was a good leaver event that resulted in 722,398 RSUs being vested. There are Replacement RSUs that , to December , on the first anniversary of the Business Combination ( ). Equity based compensation expense for the Replacement RSUs totaled $ million and $ for the Successor months ended March , and the Predecessor period from January , to March , , respectively. Unrecognized equity based compensation expense for the Replacement RSUs totaled $ million as of March , . Grant Date Fair Value Earnout Right RSUs Number of Number Total Weighted Total Fair Outstanding, December 31, 2021 1,531,440 — 1,531,440 $ 8.91 $ 13,638 Granted — — — — — Forfeited — — — — — Outstanding, March 31, 2022 1,531,440 — 1,531,440 $ 8.91 $ 13,638 Grant Date Fair Value Non-LTIP Number Number Total Weighted Total Fair Outstanding, December 31, 2021 168,221 — 168,221 $ 5.35 $ 900 Granted 409,835 — 409,835 3.35 1,373 Vested — — — — — Settled — — — — — Outstanding, March 31, 2022 578,056 — 578,056 $ 3.93 $ 2,273 |
Business Segment Reporting (Tab
Business Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Financial Information By Segment | For the three months ended March 31, 2022 Successor Mortgage Reverse Commercial Lender Portfolio Total Corporate Elim Total REVENUES Gain on sale and other income from loans held for sale, net $ 111,921 $ — $ — $ 210 $ 10,928 $ 123,059 $ — $ (4,707 ) $ 118,352 Net fair value gains on loans and related obligations — 105,755 3,475 — (102,785 ) 6,445 — 3,990 10,435 Fee income 20,149 1,816 17,158 76,152 54,525 169,800 — (12,196 ) 157,604 Net interest income (expense) Interest income 12,572 — — 160 1,047 13,779 94 — 13,873 Interest expense (9,371 ) — — (33 ) (16,723 ) (26,127 ) (6,703 ) — (32,830 ) Net interest income (expense) 3,201 — — 127 (15,676 ) (12,348 ) (6,609 ) — (18,957 ) Total revenue 135,271 107,571 20,633 76,489 (53,008 ) 286,956 (6,609 ) (12,913 ) 267,434 Total expenses 156,783 43,179 23,087 70,756 34,711 328,516 34,038 (13,018 ) 349,536 Other, net — 3,214 124 1,664 27 5,029 (152 ) (105 ) 4,772 Net (loss) income before taxes $ (21,512 ) $ 67,606 $ (2,330 ) $ 7,397 $ (87,692 ) $ (36,531 ) $ (40,799 ) $ — $ (77,330 ) Depreciation and amortization $ 2,820 $ 9,598 $ 514 $ 3,112 $ 91 $ 16,135 $ 509 $ — $ 16,644 Total assets 1,761,388 416,127 26,752 224,673 19,628,648 22,057,588 1,755,154 (1,734,835 ) 22,077,907 January 1, 2021 to March 31, 2021 Predecessor Mortgage Reverse Commercial Lender Portfolio Total Corporate Elim Total REVENUES Gain on sale and other income from loans held for sale, net $ 286,481 $ — $ — $ — $ 5,065 $ 291,546 $ — $ (212 ) $ 291,334 Net fair value gains on loans and related obligations — 68,449 5,431 — 2,750 76,630 — 33 76,663 Fee income 32,731 524 8,930 76,383 36,191 154,759 — 6,612 161,371 Net interest income (expense) Interest income 12,483 — — 28 138 12,649 12 — 12,661 Interest expense (11,592 ) — — (64 ) (14,954 ) (26,610 ) (7,756 ) — (34,366 ) Net interest income (expense) 891 — — (36 ) (14,816 ) (13,961 ) (7,744 ) — (21,705 ) Total revenue 320,103 68,973 14,361 76,347 29,190 508,974 (7,744 ) 6,433 507,663 Total expenses 224,246 23,693 13,391 62,970 24,406 348,706 18,683 5,925 373,314 Other, net — 34 149 2 895 1,080 (9,464 ) (508 ) (8,892 ) Net income (loss) before taxes $ 95,857 $ 45,314 $ 1,119 $ 13,379 $ 5,679 $ 161,348 $ (35,891 ) $ — $ 125,457 Depreciation and amortization $ 1,423 $ 151 $ 125 $ 1,268 $ 146 $ 3,113 $ 371 $ — $ 3,484 Total assets 2,425,529 35,861 82,375 125,317 17,378,088 20,047,170 379,562 (326,313 ) 20,100,419 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of components of income tax expense | The components of income tax expense were as follows: For the three January 1, 2021 to March 31, 2021 Successor Predecessor Net income before income taxes $ (77,330 ) $ 125,457 Provision for income taxes (13,335 ) 1,137 Effective tax provision rate 17.24 % 0.91 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of basic earnings per share | The following tables reconcile the numerators and denominators used in the computations of both basic and diluted earnings per share for the Successor periods (in thousands, except share data and per share amounts): For the three months ended Successor Basic net loss per share: Numerator Net loss $ (63,995 ) Less: loss attributable to noncontrolling interests (1) (55,502 ) Net loss attributable to holders of Class A Common Stock - basic $ (8,493 ) Denominator Weighted average shares of Class A Common Stock outstanding - basic 60,773,891 Basic net loss per share $ (0.14 ) (1) The Class A LLC Units of FoA Equity, held by the Continuing Unitholders, which comprise the noncontrolling interest in the Company, represents a participating security. Therefore, the numerator was adjusted to reduce net income by the amount of net income attributable to noncontrolling interests. |
Summary of diluted earnings per share | For the three Successor Diluted net loss per share: Numerator Net loss attributable to holders of Class A Common Stock $ (8,493 ) Reallocation of net loss assuming exchange of Class A LLC Units (1) (48,753 ) Net loss attributable to holders of Class A Common Stock - diluted $ (57,246 ) Denominator Weighted average shares of Class A Common Stock outstanding - basic 60,773,891 Effect of dilutive securities: Assumed exchange of weighted average Class A LLC Units for shares of Class A Common Stock (2) 128,675,045 Weighted average shares of Class A Common Stock outstanding - diluted 189,448,936 Diluted net loss per share $ (0.30 ) (1) This adjustment assumes the 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 the Company to such Class A LLC unitholders. The remaining compensation cost associated with the Replacement RSUs and Earnout Right RSUs will be born by FoA for the share attributable to Blackstone Tactical Opportunities Fund (Urban Feeder) - NQ L.P., a Delaware limited partnership (“Blocker”). As a result of the application of the if-converted (2) The diluted weighted average shares outstanding of Class A Common Stock includes the effects of the if-converted one-for-one |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) | Mar. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percentage of total forward residential mortgage servicing portfolio by units is in forbearance | 0.25% |
Percentage of total forward residential mortgage servicing portfolio by unpaid principal balance is in forbearance | 0.27% |
Variable Interest Entities an_3
Variable Interest Entities and Securitizations - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 28, 2022 | May 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Finance of america commercial LLC [Member] | Cavatica Asset Participation Trust [Member] | |||||
Variable Interest Entities and Securitizations [Line Items] | |||||
Percentage of beneficial interest in securitized trust | 5.00% | ||||
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] | |||||
Charge off expenses on transferred mortgage loan | $ 0 | $ 0 | |||
Repayments of debt | $ 488,200 | ||||
FAM Mortgage Loan [Member] | Principal [Member] | Loans Receivable [Member] | |||||
Variable Interest Entities and Securitizations [Line Items] | |||||
Repayments of debt | $ 506,600 | ||||
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 | 700 | $ 400 | |||
Agricultural Loans [Member] | Cavatica Asset Participation Trust [Member] | |||||
Variable Interest Entities and Securitizations [Line Items] | |||||
Consolidated balance Of Agricultural loans | 132,500 | ||||
Agricultural Loans [Member] | Cavatica Asset Participation Trust [Member] | Nonrecourse [Member] | |||||
Variable Interest Entities and Securitizations [Line Items] | |||||
Liability transferred to the Variable interest entity Fair Value amount | $ 127,600 |
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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
ASSETS | |||
Restricted cash | $ 315,980 | $ 322,403 | |
Loans held for investment, subject to nonrecourse debt, at fair value | 1,218,990 | 1,031,328 | |
TOTAL ASSETS | 22,077,907 | 21,788,946 | $ 20,100,419 |
LIABILITIES | |||
Nonrecourse debt, at fair value | 6,323,777 | 6,111,242 | |
TOTAL LIABILITIES | 21,045,812 | 20,705,936 | |
Retained bonds and beneficial interests eliminated in consolidation | (236,076) | (231,229) | |
TOTAL CONSOLIDATED LIABILITIES | 6,032,789 | 5,857,497 | |
Variable Interest Entity, Primary Beneficiary | |||
ASSETS | |||
Restricted cash | 303,232 | 311,652 | |
Loans held for investment, subject to nonrecourse debt, at fair value | 6,103,454 | 6,099,607 | |
Other assets, net | 73,701 | 67,593 | |
TOTAL ASSETS | 6,480,387 | 6,478,852 | |
LIABILITIES | |||
Nonrecourse debt, at fair value | 6,032,156 | 5,857,069 | |
Payables and other liabilities | 633 | 428 | |
TOTAL LIABILITIES | 6,032,789 | 5,857,497 | |
Variable Interest Entity, Primary Beneficiary | Asset and Liabilities of Consolidated VIE | |||
ASSETS | |||
Restricted cash | 303,232 | 311,652 | |
Loans held for investment, subject to nonrecourse debt, at fair value | 6,103,454 | 6,099,607 | |
Other assets, net | 73,701 | 67,593 | |
TOTAL ASSETS | 6,480,387 | 6,478,852 | |
LIABILITIES | |||
Nonrecourse debt, at fair value | 6,268,232 | 6,088,298 | |
Payables and other liabilities | 633 | 428 | |
TOTAL LIABILITIES | $ 6,268,865 | $ 6,088,726 |
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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Schedule Of Collateral And Certificate Balances For Securitization Trusts [Line Items] | |||
Total certificate balances | $ 22,077,907 | $ 21,788,946 | $ 20,100,419 |
Unconsolidated Securitization Trusts | |||
Schedule Of Collateral And Certificate Balances For Securitization Trusts [Line Items] | |||
Total certificate balances | 1,056,341 | 1,085,340 | |
Unconsolidated Securitization Trusts | Asset Pledged as Collateral | |||
Schedule Of Collateral And Certificate Balances For Securitization Trusts [Line Items] | |||
Total certificate balances | $ 1,056,341 | $ 1,085,340 |
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] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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 | 21.60% | 20.80% |
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 | 4.20% | 4.50% |
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 | 2.40% | 3.10% |
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 | 6.90% | 7.70% |
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 | 2.60% | 3.30% |
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 | 3.40% | 2.40% |
Average draw rate | 1.10% | 1.10% |
Fair Value - Summary of HECM Bu
Fair Value - Summary of HECM Buyouts (Detail) - HECM Buyouts [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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% | |
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 | 2.40% | 3.10% |
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% | |
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 | 6.90% | 7.70% |
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 | 39.70% | 41.20% |
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 | 60.50% | 59.50% |
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 | 3.10% | 4.30% |
Discount rate | 5.80% | 4.10% |
Fair Value - Summary of HECM _2
Fair Value - Summary of HECM Buyouts Securitized (Detail) - HECM Buyouts Securitized [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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 | 2.40% | 3.10% |
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 | 6.90% | 7.70% |
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 | 13.40% | 13.30% |
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 | 6.90% | 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 | 5.00% | 3.70% |
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 | 9 years | 9 years |
Fair Value - Summary of Non-Age
Fair Value - Summary of Non-Agency Reverse Mortgage Securitized (Detail) - Non Agency Reverse Mortgage Securitized [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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% | 0.10% |
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 | 4.30% | 4.60% |
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 | 69.00% | 64.70% |
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 | 15.80% | 14.00% |
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 days 19 hours | 7 days 12 hours |
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 | 43.10% | 43.40% |
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 | 17.50% | 18.60% |
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 | 4.70% | 4.70% |
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 | 4.90% | 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] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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% | 0.30% |
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 | 72.90% | 69.00% |
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) | 14.40% | 14.10% |
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 | 7.50% | 5.70% |
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 | 0.60% | 0.60% |
Fair Value - Summary of Invento
Fair Value - Summary of Inventory Buyouts (Detail) - Inventory Buyouts [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Minimum [Member] | 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 | 2.40% | 3.10% |
Maximum [Member] | 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 | 6.90% | 7.70% |
Weighted Average [Member] | 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 | 44.90% | 43.20% |
Weighted Average [Member] | 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 | 68.30% | 59.40% |
Weighted Average [Member] | 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 | 4.90% | 3.80% |
Weighted Average [Member] | 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 | 5.80% | 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] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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 | 2.90% | 0.20% |
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 | 4.30% | 4.60% |
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 | 69.10% | 68.70% |
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 | 15.80% | 14.00% |
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 | 9 years 10 months 24 days | 9 years 2 months 12 days |
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 | 47.20% | 47.80% |
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 | 13.60% | 14.80% |
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 | 4.30% | 4.40% |
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 | 4.90% | 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] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Maximum [Member] | 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 | 10.90% | 10.00% |
Minimum [Member] | 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 | 7.50% | 5.70% |
Weighted Average [Member] | 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) | 11.20% | 11.90% |
Weighted Average [Member] | 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 | 7.60% | 5.90% |
Weighted Average [Member] | 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% | 0.40% |
Fair Value - Summary of Comme_2
Fair Value - Summary of Commercial Mortgage Agricultural Loans (Detail) - Commercial Mortgage Agricultural Loans [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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 (SMM) | 9.00% | 9.00% |
Minimum [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) | 0.00% | 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 (SMM) | 100.00% | 100.00% |
Maximum [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% | 0.70% |
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 | 6.20% | 4.80% |
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 (SMM) | 19.60% | 22.10% |
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) | 0.90% | 0.90% |
Fair Value - Summary of Comme_3
Fair Value - Summary of Commercial Mortgage Single Rental Loans (Detail) - Commercial Mortgage Single Rental Loans [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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) | 18.00% | 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% | |
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) | 25.00% | 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) | 57.20% | |
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) | 18.30% | 14.20% |
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 | 5.10% | 3.30% |
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) | 1.00% | 2.20% |
Fair Value - Summary of Comme_4
Fair Value - Summary of Commercial Mortgage Portfolio Lending (Detail) - Commercial Mortgage Portfolio Lending [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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% | |
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) | 22.60% | 14.50% |
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) | 54.00% | |
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) | 13.00% | 8.70% |
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 | 4.90% | 3.90% |
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) | 1.00% | 3.20% |
Fair Value - Summary of Informa
Fair Value - Summary of Information Regarding The Servicing Portfolio of Retained MSRs (Detail) | Mar. 31, 2022 | Dec. 31, 2021 |
Servicing Portfolio Of Retained Mortgage Servicing Rights [Abstract] | ||
Capitalization servicing rate | 1.30% | 1.10% |
Capitalization servicing multiple | 5.00% | 4.40% |
Weighted-average servicing fee (in basis points) | 26.00% | 25.00% |
Fair Value - Summary of Mortgag
Fair Value - Summary of Mortgage Servicing Rights (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value [Line Items] | ||
Discount rate | 3.12% | 3.03% |
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) | 0.10% | 0.00% |
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 | 0.80% | 0.80% |
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) | 10.50% | 12.80% |
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 | 12.40% | 14.30% |
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) | 6.70% | 8.30% |
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 | 8.30% | 8.50% |
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 | 1.40% | 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 | Mar. 31, 2022USD ($) |
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 | $ (9,330) |
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed | (18,140) |
Impact on fair value of 10% adverse change, Discount Rate | (15,406) |
Impact on fair value of 20% adverse change, Discount Rate | (29,748) |
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate | (481) |
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate | $ (963) |
Fair Value - Summary of HMBS Re
Fair Value - Summary of HMBS Related Obligations (Detail) - HMBS Related Obligations [Member] - Weighted Average [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Conditional repayment rate [Member] | ||
Fair Value HMBS Related Obligations Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Conditional repayment rate | 21.60% | 20.80% |
Discount rate [Member] | ||
Fair Value HMBS Related Obligations Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 3.30% | 2.30% |
Fair Value - Summary of Perform
Fair Value - Summary of Performing/Nonperforming HECM securitizations (Details) - Non Recourse Debt [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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 | 8 months 12 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 | 9 months 18 days | 1 year |
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 | 10 months 24 days | 9 months 18 days |
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 2 months 12 days | 2 years 3 months 18 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 | 9 months 18 days | 6 months |
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 7 months 6 days | 1 year 7 months 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 | 16.10% | 30.80% |
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 | 15.60% | 18.40% |
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 | 26.00% | 54.40% |
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 | 37.00% | 35.90% |
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 | 19.90% | 43.50% |
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 | 26.30% | 28.20% |
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 | 4.10% | 2.30% |
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 | 4.00% | 2.20% |
Fair Value - Summary of Comme_5
Fair Value - Summary of Commercial Mortgage Loans (Details) - Commercial Mortgage Loans [Member] - Weighted Average [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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 21 days | 4 months |
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) | 15.70% | 14.00% |
Discount rate [Member] | ||
Fair Value Non Recourse Debt Measured On Recurring And Nonrecurring Basis Fair Value Measurement [Line Items] | ||
Discount rate | 4.90% | 3.10% |
Fair Value - Summary of Nonreco
Fair Value - Summary of Nonrecourse MSR Financing Liability (Details) - Non Recourse MSR Financing Liability [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
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) | 0.70% | 2.00% |
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 | 8.10% | 8.10% |
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) | 10.50% | 11.00% |
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 | 10.10% | 10.10% |
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) | 6.60% | 7.70% |
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 | 8.50% | 9.10% |
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 | 1.30% | 1.30% |
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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | $ 1,218,990 | $ 1,031,328 | |
Mortgages Held-for-sale, Fair Value Disclosure | 1,709,357 | 2,052,378 | |
MSRs | $ 26,675,358 | ||
Derivative assets | 281,205 | 48,870 | |
Nonrecourse commercial loan financing liability | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecourse commercial loan financing liability | 10,672,152 | 10,556,054 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments | 6,000 | 6,000 | |
Retained beneficial interests | 50,875 | 55,614 | |
Total assets | 20,600,671 | 20,396,380 | |
HMBS related obligation | 10,548,131 | 10,422,358 | |
Nonrecourse debt | 6,032,157 | 5,857,069 | |
Nonrecourse MSR financing liability | 163,981 | 142,435 | |
Deferred purchase price liabilities | 7,852 | 12,852 | |
TRA Obligation | 29,380 | 29,380 | |
Total liabilities | 17,006,152 | 16,608,007 | |
Fair Value, Recurring [Member] | Nonrecourse commercial loan financing liability | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecourse commercial loan financing liability | 127,639 | 111,738 | |
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 | 241,430 | 22,650 | |
Total liabilities | 95,829 | 30,453 | |
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 | 1,517,351 | 1,888,625 | |
Total liabilities | 1,183 | 1,722 | |
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 | 6,000 | |
Retained beneficial interests | 50,875 | 55,614 | |
Total assets | 18,841,890 | 18,485,105 | |
HMBS related obligation | 10,548,131 | 10,422,358 | |
Nonrecourse debt | 6,032,157 | 5,857,069 | |
Nonrecourse MSR financing liability | 163,981 | 142,435 | |
Deferred purchase price liabilities | 7,852 | 12,852 | |
TRA Obligation | 29,380 | 29,380 | |
Total liabilities | 16,909,140 | 16,575,832 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Nonrecourse commercial loan financing liability | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Nonrecourse commercial loan financing liability | 127,639 | 111,738 | |
Forward Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 1,235 | ||
Derivative Liability | 1,183 | 1,644 | |
Forward Mortgage Backed Securities [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 | 0 | ||
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 assets | 1,235 | ||
Derivative Liability | 1,183 | 1,644 | |
Forward Mortgage Backed Securities [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 | 0 | ||
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 assets | 1,763 | ||
Derivative Liability | 57 | 186 | |
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 | 57 | 108 | |
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 assets | 1,763 | ||
Derivative Liability | 0 | 78 | |
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 | 0 | ||
Interest Rate Swap Futures [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 90,124 | 24,848 | |
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 | 90,124 | 24,848 | |
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 | 0 | 0 | |
Interest Rate Swap 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 | 0 | ||
Warrant [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 5,648 | 5,497 | |
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 | 5,648 | 5,497 | |
Warrant [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 | 0 | ||
Warrant [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 | 0 | ||
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 | 10,672,152 | 10,556,054 | |
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 | 10,672,152 | 10,556,054 | |
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 | 5,830,105 | 5,823,301 | |
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 | 5,830,105 | 5,823,301 | |
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 | 69,962 | ||
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 | 69,962 | ||
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 | 45,865 | 27,791 | |
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 | 45,865 | 27,791 | |
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 | 1,500,785 | 1,902,952 | |
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 | 1,480,312 | 1,885,627 | |
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 | 20,473 | 17,325 | |
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 | 131,137 | 98,852 | |
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 | 131,137 | 98,852 | |
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 | 77,435 | 50,574 | |
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 | 77,435 | 50,574 | |
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 | 62,933 | ||
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 | 62,933 | ||
Mortgage Servicing Rights [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
MSRs | 426,102 | 427,942 | |
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] | |||
MSRs | 426,102 | 427,942 | |
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 assets | 2,172 | ||
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 assets | 2,172 | ||
IRLCS [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 2,736 | 23,222 | |
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 assets | 2,736 | 23,222 | |
Forward Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 34,867 | ||
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 assets | 34,867 | ||
Interest Rate Swap Futures [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 241,430 | 22,650 | |
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 assets | 241,430 | 22,650 | |
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 assets | 0 | ||
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 | 1,103,163 | 940,604 | |
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 | 1,103,163 | 940,604 | |
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 | 405,885 | 394,893 | |
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 | $ 405,885 | $ 394,893 |
Fair Value - Summary of Signif
Fair Value - Summary of Significant Unobservable Inputs used in the Fair value Measurement of Retained Bonds (Details) - Retained Bonds [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Measurement Input, Expected Term [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted average remaining life (in years) | 24 years 8 months 12 days | 25 years |
Measurement Input, Expected Term [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted average remaining life (in years) | 2 years 6 months | 2 years 7 months 6 days |
Measurement Input, Expected Term [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted average remaining life (in years) | 5 years | 5 years 1 month 6 days |
Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount rate | 8.90% | 8.20% |
Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount rate | (2.60%) | 1.90% |
Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Discount rate | 4.10% | 2.70% |
Fair Value - Fair Value, Assets
Fair Value - Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Mortgage loans held for investment | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 11,587,382 | $ 10,659,984 |
Total gain or losses included in earnings | (35,895) | 132,499 |
Purchases, settlements and transfers: | ||
Purchases and additions, net | 1,848,155 | 1,143,109 |
Sales and settlements | (612,624) | (534,738) |
Transfers in/(out) between categories | (895,876) | (229,118) |
Ending balance | 11,891,142 | 11,171,736 |
Mortgage loans held for investment, subject to nonrecourse debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 6,218,194 | 5,396,167 |
Total gain or losses included in earnings | (313,720) | (37,757) |
Purchases, settlements and transfers: | ||
Purchases and additions, net | 30,342 | 21,064 |
Sales and settlements | (586,276) | (360,128) |
Transfers in/(out) between categories | 887,450 | 272,098 |
Ending balance | 6,235,990 | 5,291,444 |
Mortgage loans held for sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 166,750 | 152,854 |
Total gain or losses included in earnings | (7,040) | 2,764 |
Purchases, settlements and transfers: | ||
Purchases and additions, net | 396,020 | 175,551 |
Sales and settlements | (329,590) | (152,579) |
Transfers in/(out) between categories | 2,905 | (42,909) |
Ending balance | 229,045 | 135,681 |
Derivative assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 23,222 | 88,660 |
Total gain or losses included in earnings | (20,486) | (50,040) |
Purchases, settlements and transfers: | ||
Sales and settlements | (46) | |
Ending balance | 2,736 | 38,574 |
Mortgage servicing rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 427,942 | 180,684 |
Total gain or losses included in earnings | 52,368 | 20,349 |
Purchases, settlements and transfers: | ||
Purchases and additions, net | 53,444 | 74,978 |
Sales and settlements | (107,652) | (8,647) |
Ending balance | 426,102 | 267,364 |
Retained Bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 55,614 | |
Total gain or losses included in earnings | (3,289) | |
Purchases, settlements and transfers: | ||
Sales and settlements | (1,450) | |
Ending balance | 50,875 | |
Investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 6,000 | 18,934 |
Total gain or losses included in earnings | (9,464) | |
Purchases, settlements and transfers: | ||
Ending balance | $ 6,000 | $ 9,470 |
Fair Value - Fair Value, Liabil
Fair Value - Fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
HMBS related obligations | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ (10,422,358) | $ (9,788,668) |
Total gains or losses included in earnings | 85,582 | (41,434) |
Purchases, settlements and transfers: | ||
Purchases and additions, net | (948,682) | (602,172) |
Sales and settlements | 737,327 | 506,142 |
Ending balance | (10,548,131) | (9,926,132) |
Derivative liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | (1,084) | |
Purchases, settlements and transfers: | ||
Sales and settlements | 148 | |
Ending balance | (936) | |
Deferred purchase price liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | (12,852) | (3,842) |
Total gains or losses included in earnings | 0 | (29) |
Purchases, settlements and transfers: | ||
Sales and settlements | 5,000 | 657 |
Ending balance | (7,852) | (3,214) |
Nonrecourse debt | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | (5,857,069) | (5,257,754) |
Total gains or losses included in earnings | 105,340 | (30,770) |
Purchases, settlements and transfers: | ||
Purchases and additions, net | (1,048,499) | (575,668) |
Sales and settlements | 768,072 | 658,300 |
Ending balance | (6,032,156) | (5,205,892) |
Nonrecourse commercial loan financing liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | (111,738) | |
Total gains or losses included in earnings | 254 | |
Purchases, settlements and transfers: | ||
Purchases and additions, net | (60,658) | |
Sales and settlements | 44,502 | |
Ending balance | (127,640) | |
Nonrecourse MSR financing liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | (155,108) | (14,088) |
Total gains or losses included in earnings | (16,038) | 390 |
Purchases, settlements and transfers: | ||
Purchases and additions, net | 7,165 | (8,353) |
Sales and settlements | 0 | |
Transfers in/(out) between categories | 0 | |
Ending balance | (163,981) | $ (22,051) |
TRA Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | (29,380) | |
Total gains or losses included in earnings | 0 | |
Purchases, settlements and transfers: | ||
Purchases and additions, net | 0 | |
Sales and settlements | 0 | |
Ending balance | $ (29,380) |
Fair Value - Summary of the fai
Fair Value - Summary of the fair value and unpaid principal balance ("UPB") (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Estimated Fair Value | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | $ 10,672,152 | $ 10,556,054 |
Unpaid Principal Balance | 10,109,820 | 9,849,835 |
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 | 5,830,105 | 5,823,301 |
Unpaid Principal Balance | 5,481,952 | 5,165,479 |
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 | 405,885 | 394,893 |
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 | 404,974 | 388,788 |
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 | 1,103,163 | 940,605 |
Unpaid Principal Balance | 988,321 | 815,426 |
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 | 115,827 | 90,723 |
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 | 115,091 | 89,267 |
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 | 208,572 | 149,425 |
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 | 1,500,785 | 1,902,953 |
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 | 211,516 | 145,463 |
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 | 1,499,525 | 1,859,788 |
HMBS Related Obligations [Member] | Estimated Fair Value | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 10,548,131 | 10,422,358 |
HMBS Related Obligations [Member] | Unpaid Principal Balance | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Unpaid Principal Balance | 10,109,820 | 9,849,835 |
Non Recourse Debt [Member] | Estimated Fair Value | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 6,032,157 | 5,857,069 |
Non Recourse Debt [Member] | Unpaid Principal Balance | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Unpaid Principal Balance | 6,152,713 | 5,709,946 |
Nonrecourse Commercial Loan [Member] | Unpaid Principal Balance | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 127,639 | 111,738 |
Unpaid Principal Balance | 123,900 | 107,744 |
Nonrecourse Mortgage Service Rights [Member] | Unpaid Principal Balance | ||
Fair Value Summary Of The Fair Value And Unpaid Principal Balance Upb [Line Items] | ||
Estimated Fair Value | 163,981 | 142,435 |
Unpaid Principal Balance | $ 163,981 | $ 142,435 |
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 | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Summary of the components of net fair value gains on mortgage loans and related obligations [Line Items] | ||
Interest income on mortgage loans | $ 163,694 | $ 160,568 |
Change in fair value of mortgage loans | (507,327) | (51,346) |
Net fair value gains (losses) on loans | (343,633) | 109,222 |
Interest expense on related obligations | (106,643) | (119,201) |
Change in fair value of derivatives | 165,579 | 43,972 |
Change in fair value of related obligations | 295,132 | 42,670 |
Net fair value gains (losses) on related obligations | 354,068 | (32,559) |
Net fair value gains (losses) on loans and related obligations | $ 10,435 | $ 76,663 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Retained Bonds [Member] | Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||
Additional Information [Line Items] | ||
Percentage of beneficial interest in securitized trust | 5.00% | |
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 | 35.00% | 35.00% |
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 | 24 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 | 24 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% | |
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% | |
Mortgage Servicing Rights Financing Liability [Member] | ||
Additional Information [Line Items] | ||
Cumulative Percentage Change In Fair Value Of Servicing Rights Liabilities | 10.00% | |
TRA Obligation [Member] | Measurement Input, Discount Rate [Member] | ||
Additional Information [Line Items] | ||
TRA obligation measurement input | 13.5 | 13.5 |
Warrant [Member] | ||
Additional Information [Line Items] | ||
Exercise price of warrant (in dollars per share) | $ 11.50 |
Reverse Mortgage Portfolio Co_3
Reverse Mortgage Portfolio Composition - Summary of the Composition and the Remaining UPBs of the Reverse Mortgage Loan Portfolio (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | ||
Schedule of serviced reverse mortgage portfolio [Line Items] | |||
Reverse mortgage loans held for investment, subject to HMBS related obligations | $ 10,109,820 | $ 9,849,835 | |
Total reverse mortgage loans held for investment | 988,321 | 815,426 | |
Total reverse mortgage loans held for sale | 5,481,952 | 5,165,479 | |
Total serviced reverse mortgage loan portfolio | 16,650,424 | 15,897,205 | |
owned reverse mortgage portfolio | |||
Schedule of serviced reverse mortgage portfolio [Line Items] | |||
Total serviced reverse mortgage loan portfolio | 16,580,093 | 15,830,740 | |
Loans reclassified as government guaranteed receivable | |||
Schedule of serviced reverse mortgage portfolio [Line Items] | |||
Total serviced reverse mortgage loan portfolio | 56,372 | 48,625 | |
Loans serviced for others | |||
Schedule of serviced reverse mortgage portfolio [Line Items] | |||
Total serviced reverse mortgage loan portfolio | 13,959 | 17,840 | |
Non Performing HECM Buyouts | |||
Schedule of serviced reverse mortgage portfolio [Line Items] | |||
Total reverse mortgage loans held for investment, subject to nonrecourse debt | 656,608 | 590,729 | |
Non-agency reverse mortgages | |||
Schedule of serviced reverse mortgage portfolio [Line Items] | |||
Total reverse mortgage loans held for sale | 4,520,841 | 4,285,661 | |
Performing HECM buyouts | |||
Schedule of serviced reverse mortgage portfolio [Line Items] | |||
Total reverse mortgage loans held for sale | 304,503 | 289,089 | |
Non-agency reverse mortgages | |||
Schedule of serviced reverse mortgage portfolio [Line Items] | |||
Total reverse mortgage loans held for investment | 601,067 | 432,144 | |
Loans not securitized | |||
Schedule of serviced reverse mortgage portfolio [Line Items] | |||
Total reverse mortgage loans held for investment | [1] | 313,569 | 266,723 |
Unpoolable loans | |||
Schedule of serviced reverse mortgage portfolio [Line Items] | |||
Total reverse mortgage loans held for investment | [2] | 65,303 | 104,551 |
Unpoolable tails | |||
Schedule of serviced reverse mortgage portfolio [Line Items] | |||
Total reverse mortgage loans held for investment | $ 8,382 | $ 12,008 | |
[1] | Loans not securitized represent primarily newly originated loans. | ||
[2] | Unpoolable loans represent primarily loans that have reached 98% of their MCA. |
Reverse Mortgage Portfolio Co_4
Reverse Mortgage Portfolio Composition - Summary of the Composition and the Remaining UPBs of the Reverse Mortgage Loan Portfolio (Parenthetical) (Detail) | Mar. 31, 2022 |
Maximum | |
Schedule of serviced reverse mortgage portfolio [Line Items] | |
Percentage of unpoolable loan | 98.00% |
Reverse Mortgage Portfolio Co_5
Reverse Mortgage Portfolio Composition - Summarizes the Owned Reverse Mortgage Portfolio by Product Type (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Owned Reverse Mortgage Portfolio [Line Items] | ||
Total owned reverse mortgage portfolio | $ 16,580,093 | $ 15,830,740 |
Fixed rate loans | ||
Schedule Of Owned Reverse Mortgage Portfolio [Line Items] | ||
Total owned reverse mortgage portfolio | 6,566,169 | 5,384,865 |
Adjustable rate loans | ||
Schedule Of Owned Reverse Mortgage Portfolio [Line Items] | ||
Total owned reverse mortgage portfolio | $ 10,013,924 | $ 10,445,875 |
Reverse Mortgage Portfolio Co_6
Reverse Mortgage Portfolio Composition - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Reverse Mortgages Portfolio Composition [Abstract] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 595.7 | $ 599.1 |
Loans Held for Investment, Su_5
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Loans Held For Investment Subject To HMBS Related Obligations Fair Value [Line Items] | ||
Loans held for investment, subject to HMBS related obligations—UPB | $ 10,109,820 | $ 9,849,835 |
Fair value adjustments | 562,332 | 706,219 |
Total loans held for investment, subject to HMBS related obligations, at fair value | $ 10,672,152 | $ 10,556,054 |
Loans Held for Investment, Su_6
Loans Held for Investment, Subject to Nonrecourse Debt, at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans held for investment, subject to nonrecourse debt—UPB: | ||
Fair value adjustments | $ 349,064 | $ 663,927 |
Total loans held for investment, at fair value | 6,235,990 | 6,218,194 |
Reverse mortgage loans | ||
Loans held for investment, subject to nonrecourse debt—UPB: | ||
Mortgage loans held for investment, subject to nonrecourse debt | 5,481,952 | 5,165,479 |
Commercial mortgage loans | ||
Loans held for investment, subject to nonrecourse debt—UPB: | ||
Mortgage loans held for investment, subject to nonrecourse debt | $ 404,974 | $ 388,788 |
Loans Held for Inual Status (De
Loans Held for Inual Status (Detailvestment, 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-Accr) - Loans 90 Days Or More Past Due And On Non Accrual Status [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans 90 days or more past due and on non-accrual status | ||
Mortgage loans held for investment, Total Fair value | $ 23,399 | $ 26,081 |
Mortgage loans held for investment, Total Aggregate Unpaid Principal Balance | 23,697 | 26,472 |
Mortgage loans held for investment, Total Difference | (298) | (391) |
Commercial Mortgage Loans [Member] | ||
Loans 90 days or more past due and on non-accrual status | ||
Mortgage loans held for investment, Total Fair value | 23,399 | 26,081 |
Mortgage loans held for investment, Total Aggregate Unpaid Principal Balance | $ 23,697 | $ 26,472 |
Loans Held for Investment, at_3
Loans Held for Investment, at Fair Value - Schedule of Mortgage Loans Held For Investment At Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans held for investment—UPB: | ||
Fair value adjustments | $ 115,578 | $ 126,635 |
Total loans held for investment, at fair value | 1,218,990 | 1,031,328 |
Reverse Mortgage Loans [Member] | ||
Loans held for investment—UPB: | ||
Mortgage loans held for investment | 988,321 | 815,426 |
Commercial Mortgage Loans [Member] | ||
Loans held for investment—UPB: | ||
Mortgage loans held for investment | $ 115,091 | $ 89,267 |
Loans Held for Sale, at Fair _3
Loans Held for Sale, at Fair Value - Schedule of Mortgage Loans Held For Sale, At Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Mortgage Loans Held for Sale At Fair Value [Line Items] | ||
Fair value adjustments | $ (1,684) | $ 47,127 |
Total mortgage loans held for sale, at fair value | 1,709,357 | 2,052,378 |
Residential Mortgage Loans [Member] | ||
Mortgage Loans Held for Sale At Fair Value [Line Items] | ||
Mortgage loans held for sale | 1,499,525 | 1,859,788 |
Commercial Mortgage Loans [Member] | ||
Mortgage Loans Held for Sale At Fair Value [Line Items] | ||
Mortgage loans held for sale | $ 211,516 | $ 145,463 |
Loans Held for Sale, at Fair _4
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 | Mar. 31, 2022 | Dec. 31, 2021 |
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 | $ 6,669 | $ 7,076 |
Mortgage loans held for sale, Total Difference | (625) | (718) |
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 | 3,495 | 3,195 |
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 | 2,676 | 3,323 |
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 | 6,044 | 6,358 |
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 | 3,993 | 3,753 |
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 | $ 2,549 | $ 3,163 |
Loans Held for Sale, at Fair _5
Loans Held for Sale, at Fair Value - Summary Of Reconciliation Of Changes In Loans Held For Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Mortgage Loans Held for Sale At Fair Value [Abstract] | ||
Beginning balance | $ 2,052,378 | $ 2,222,811 |
Originations/purchases/repurchases | 5,488,887 | 8,569,575 |
Proceeds from sales | (5,872,779) | (8,878,131) |
Loans acquired through business combinations | 0 | 35,226 |
Net transfers from loans held for investment | 2,905 | 0 |
Gain on loans held for sale, net | 44,872 | 188,564 |
Net fair value gains on loans held for sale | (6,906) | 2,316 |
Ending balance | $ 1,709,357 | $ 2,140,361 |
Loans Held for Sale, at Fair _6
Loans Held for Sale, at Fair Value - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Mortgage Loans Held for Sale At Fair Value [Abstract] | ||
Loans pledged as collateral | $ 1.7 | $ 2 |
Loans Held for Investment, at_4
Loans Held for Investment, at Fair Value - Schedule of Mortgage Loans Held For Investment At Fair Value (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Mortgage Loans Held for Investment At Fair Value [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | $ 1,709,357 | $ 2,052,378 |
Commercial Mortgage Loans [Member] | ||
Mortgage Loans Held for Investment At Fair Value [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | 969,300 | 810,600 |
Commercial Mortgage Loans [Member] | Loans 90 Days Or More Past Due And On Non Accrual Status [Member] | ||
Mortgage Loans Held for Investment At Fair Value [Line Items] | ||
Mortgages Held-for-sale, Fair Value Disclosure | $ 1,400 | $ 2,300 |
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 | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Servicing Assets at Fair Value [Line Items] | |||
Servicing rights | $ 34,058,558 | $ 39,299,416 | |
Weighted average interest rate | 3.12% | 3.03% | |
Changes in fair value due to: | |||
Ending Balance | $ 26,675,358 | ||
Capitalized servicing rights [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Beginning balance | $ 39,299,416 | 22,269,362 | $ 22,269,362 |
Originations | 4,257,281 | 6,312,227 | |
Purchases | 0 | 866,806 | |
Sold MSRs | (8,368,734) | (1,090,267) | |
Portfolio runoff | (805,668) | (1,488,977) | |
Other | (323,737) | (193,793) | |
Changes in fair value due to: | |||
Changes in fair value due to portfolio runoff and other | (323,737) | (193,793) | |
Ending Balance | 34,058,558 | 39,299,416 | |
Mortgage Servicing Rights [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Beginning balance | 427,942 | 180,684 | 180,684 |
Originations | 53,444 | 65,964 | |
Purchases | 0 | 9,014 | |
Other | (11,522) | (14,760) | |
Payoffs, sales and curtailments | (107,652) | (8,647) | |
Changes in fair value due to: | |||
Changes in market inputs or assumptions used in valuation model | 63,890 | 35,109 | |
Changes in fair value due to portfolio runoff and other | (11,522) | (14,760) | |
Ending Balance | 426,102 | $ 267,364 | 427,942 |
Federal National Mortgage Association Certificates and Obligations (FNMA) [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Servicing rights | 31,324,584 | 37,079,995 | |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Servicing rights | 1,656,411 | 1,109,962 | |
Private Investors [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Servicing rights | $ 1,077,563 | $ 1,109,459 |
Mortgage Servicing Rights, at_4
Mortgage Servicing Rights, at Fair Value - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Servicing Assets at Fair Value [Line Items] | |||
Contractually specified servicing fees, late fees, and other ancillary servicing revenue | $ 14,300 | $ 13,000 | |
Servicing Asset at Fair Value, Amount | $ 26,675,358 | ||
Asset Pledged as Collateral with Right [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Servicing Asset at Fair Value, Amount | $ 164,000 | $ 142,400 |
Mortgage Servicing Rights, at_5
Mortgage Servicing Rights, at Fair Value - Summary of Information Regarding Loan Servicing Portfolio Delinquencies Percentages and Unpaid Balances (Detail) | Mar. 31, 2022 | Dec. 31, 2021 |
Servicing Assets at Fair Value [Line Items] | ||
Number of Loans | 0.60% | 0.60% |
Unpaid Balance | 0.60% | 0.40% |
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% | 0.40% |
Unpaid Balance | 0.40% | 0.30% |
60 days [member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Number of Loans | 0.10% | 0.10% |
Unpaid Balance | 0.10% | 0.00% |
90 or more days [member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Number of Loans | 0.10% | 0.10% |
Unpaid Balance | 0.10% | 0.10% |
Derivative and Risk Managemen_3
Derivative and Risk Management Activities - Summary of Derivative Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Derivative assets | ||
Derivative assets, Fair value | $ 281,205 | $ 48,870 |
Derivative assets, Notional amount | 11,908,054 | 15,020,538 |
Derivative assets, Unrealized gains (losses) | 232,335 | (43,196) |
Derivative liabilities | ||
Derivative liabilities, Fair value | 91,364 | 26,678 |
Derivative liabilities, Notional amount | 5,337,700 | 13,708,100 |
Derivative liabilities, Unrealized gains (losses) | (64,686) | (5,956) |
Interest rate lock commitments [Member] | ||
Derivative assets | ||
Derivative assets, Fair value | 2,736 | 23,222 |
Derivative assets, Notional amount | 2,182,604 | 2,047,938 |
Derivative assets, Unrealized gains (losses) | (20,486) | (64,354) |
Derivative liabilities | ||
Derivative liabilities, Fair value | 0 | 0 |
Derivative liabilities, Notional amount | 0 | 0 |
Derivative liabilities, Unrealized gains (losses) | 0 | 0 |
Forward commitments, TBAs securities, and treasury futures [Member] | ||
Derivative assets | ||
Derivative assets, Fair value | 2,172 | 1,763 |
Derivative assets, Notional amount | 81,737 | 6,171,300 |
Derivative assets, Unrealized gains (losses) | 408 | (43) |
Derivative liabilities | ||
Derivative liabilities, Fair value | 57 | 186 |
Derivative liabilities, Notional amount | 362,000 | 6,113,000 |
Derivative liabilities, Unrealized gains (losses) | 129 | 1,146 |
Interest rate swaps and futures contracts [Member] | ||
Derivative assets | ||
Derivative assets, Fair value | 241,430 | 22,650 |
Derivative assets, Notional amount | 7,317,500 | 6,143,300 |
Derivative assets, Unrealized gains (losses) | 218,781 | 19,966 |
Derivative liabilities | ||
Derivative liabilities, Fair value | 90,124 | 24,848 |
Derivative liabilities, Notional amount | 4,732,700 | 6,094,100 |
Derivative liabilities, Unrealized gains (losses) | (65,276) | (24,093) |
Forward MBS [Member] | ||
Derivative assets | ||
Derivative assets, Fair value | 34,867 | 1,235 |
Derivative assets, Notional amount | 2,326,213 | 658,000 |
Derivative assets, Unrealized gains (losses) | 33,632 | 1,235 |
Derivative liabilities | ||
Derivative liabilities, Fair value | 1,183 | 1,644 |
Derivative liabilities, Notional amount | 243,000 | 1,501,000 |
Derivative liabilities, Unrealized gains (losses) | $ 461 | $ 16,991 |
Derivative and Risk Managemen_4
Derivative and Risk Management Activities - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Pledged deposits | $ 163.4 | $ 23.2 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 0 | $ 121,233 |
Additions from acquisitions | 0 | 7,517 |
Ending balance | $ 0 | $ 128,750 |
Goodwill - Summary of Goodwil_2
Goodwill - Summary of Goodwill Allocated to Each Reporting Unit Consisted (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill [Line Items] | ||||
Goodwill | $ 0 | $ 0 | $ 128,750 | $ 121,233 |
Mortgage Originations [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 0 | 51,946 | ||
Commercial Originations [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 0 | 43,113 | ||
Lender Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 0 | 25,247 | ||
Portfolio Management | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 0 | $ 8,444 |
Goodwill - Additional informati
Goodwill - Additional information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, Impairment Loss, Net of Tax | $ 0 | $ 0 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Amortizing intangibles, Cost | $ 552,037 | $ 552,037 |
Accumulated Amortization | (54,545) | (40,737) |
Amortizing intangibles, Net | 497,492 | 511,300 |
Total intangibles, Cost | 643,637 | 730,037 |
Total intangibles, Net | 589,092 | 602,900 |
Imapairment of intangible assets excluding goodwill | (86,400) | |
Non Amortization Of Intangible Assets [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Total non-amortizing intangibles | 91,600 | 178,000 |
Total intangibles, Net | 91,600 | 91,600 |
Impairment | (86,400) | |
Broker/customer relationships [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortizing intangibles, Cost | 541,100 | 541,100 |
Accumulated Amortization | (52,948) | (39,711) |
Amortizing intangibles, Net | $ 488,152 | $ 501,389 |
Broker/customer relationships [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 15 years | 15 years |
Broker/customer relationships [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 8 years | 8 years |
Trade names [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortizing intangibles, Cost | $ 10,937 | |
Accumulated Amortization | (1,597) | |
Amortizing intangibles, Net | $ 9,911 | |
Trade names [Member] | Non Amortization Of Intangible Assets [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Total non-amortizing intangibles | 91,600 | 178,000 |
Total intangibles, Net | 91,600 | 91,600 |
Impairment | (86,400) | |
Trade names and other [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortizing intangibles, Cost | 10,937 | |
Accumulated Amortization | $ (1,026) | |
Amortizing intangibles, Net | $ 9,340 | |
Trade names and other [Member] | Maximum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 10 years | 10 years |
Trade names and other [Member] | Minimum [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 5 years | 5 years |
Intangible Assets, Net - Summ_2
Intangible Assets, Net - Summary of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
2022 | $ 41,645 | |
2023 | 55,233 | |
2024 | 55,233 | |
2025 | 55,233 | |
2026 | 55,126 | |
Thereafter | 235,022 | |
Total future amortization expense | $ 497,492 | $ 511,300 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization expense | $ 13.8 | $ 0.6 |
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 | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Home Equity Conversion Mortgage Backed Security Related Obligations At Fair Value [Line Items] | |||
Ginnie Mae loan pools - UPB | $ 10,109,820 | $ 9,849,835 | |
Fair value adjustments | 438,311 | 572,523 | |
Total HMBS related obligations, at fair value | $ 10,548,131 | $ 10,422,358 | |
Weighted average remaining life (years) | 4 years 4 months 24 days | 4 years 7 months 6 days | |
Weighted average interest rate | 2.60% | 2.50% |
HMBS Related Obligations, at _4
HMBS Related Obligations, at Fair Value - Additional information (Detail) - LoanPools | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Home Equity Conversion Mortgage Backed Security Related Obligations At Fair Value [Abstract] | ||
Ginnie Mae loan pools | 1,896 | 1,849 |
Nonrecourse Debt, at Fair Val_3
Nonrecourse Debt, at Fair Value - Summary of Nonrecourse Debt at Fair Value (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Total nonrecourse debt | $ 6,152,713 | $ 5,821,684 |
Nonrecourse MSR financing liability, at fair value | 163,981 | 142,435 |
Fair value adjustments | (116,817) | 39,379 |
Total nonrecourse debt, at fair value | 6,323,777 | 6,111,242 |
Nonrecourse Commercial loan financing liability | $ 123,900 | 107,744 |
Securitization of performing / nonperforming HECM loans | ||
Debt Instrument [Line Items] | ||
Issue Date | July 2020 - February 2022 | |
Final Maturity Date | July 2030 - February 2032 | |
Original Issue Amount | $ 1,805,528 | |
Total nonrecourse debt | $ 1,026,869 | 922,970 |
Securitization of performing / nonperforming HECM loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 0.88% | |
Securitization of performing / nonperforming HECM loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 9.32% | |
Securitization of non-agency reverse loans | ||
Debt Instrument [Line Items] | ||
Issue Date | May 2018 - February 2022 | |
Final Maturity Date | May 2023 - November 2069 | |
Original Issue Amount | $ 6,345,967 | |
Total nonrecourse debt | $ 4,857,333 | 4,630,203 |
Securitization of non-agency reverse loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.25% | |
Securitization of non-agency reverse loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.50% | |
Securitization of fix & flip loans | ||
Debt Instrument [Line Items] | ||
Issue Date | April 2021 | |
Final Maturity Date | November 2024 - May 2025 | |
Original Issue Amount | $ 268,511 | |
Total nonrecourse debt | $ 268,511 | $ 268,511 |
Securitization of fix & flip loans | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.10% | |
Securitization of fix & flip loans | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5.40% |
Nonrecourse Debt, at Fair Val_4
Nonrecourse Debt, at Fair Value - Summary Of Estimated Maturities For Nonrecourse Debt Fair Value (Detail) - Nonrecourse [Member] $ in Thousands | Mar. 31, 2022USD ($) |
Summary Of Estimated Maturities For Non recourse Debt Fair Value [Line Items] | |
2022 | $ 1,242,161 |
2023 | 2,644,434 |
2024 | 2,088,782 |
2025 | 301,236 |
Thereafter | 0 |
Total payments on nonrecourse debt | $ 6,276,613 |
Other Financing Lines of Cred_3
Other Financing Lines of Credit - Additional Information (Details) - Line of Credit [Member] | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Financing line of credit outstanding, Weighted average interest rate | 2.74% | 2.75% |
Financing line of credit 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. | |
Financing line of credit, 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 or its subsidiaries 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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Finance of America Mortgage LLC [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | $ 243,900 | $ 180,032 |
Liquidity | $ 68,451 | $ 43,734 |
Leverage Ratio | 10.2:1 | 13.9:1 |
Material Decline In Lender Adjusted Net Worth [Abstract] | ||
Lender Adjusted Tangible Net Worth (Quarterly requirement) | $ 301,073 | $ 214,979 |
Lender Adjusted Tangible Net Worth (Two-Consecutive Quarterly requirement) | 301,073 | 214,979 |
Finance of America Mortgage LLC [Member] | Requirement [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | 225,000 | 150,000 |
Liquidity | $ 55,000 | $ 40,000 |
Leverage Ratio | 15:1 | 15:1 |
Material Decline In Lender Adjusted Net Worth [Abstract] | ||
Lender Adjusted Tangible Net Worth (Quarterly requirement) | $ 161,235 | $ 150,539 |
Lender Adjusted Tangible Net Worth (Two-Consecutive Quarterly requirement) | 120,432 | 114,830 |
Finance of America Mortgage LLC [Member] | Maximum Allowable Distribution [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | 18,900 | 30,032 |
Liquidity | $ 13,451 | $ 3,734 |
Leverage Ratio | 78,327 | 12,154 |
Material Decline In Lender Adjusted Net Worth [Abstract] | ||
Lender Adjusted Tangible Net Worth (Quarterly requirement) | $ 139,838 | $ 64,440 |
Lender Adjusted Tangible Net Worth (Two-Consecutive Quarterly requirement) | 180,641 | 100,149 |
Finance of America Commercial LLC [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | 87,350 | |
Liquidity | $ 32,728 | |
Leverage Ratio | 2.8:1 | |
Finance of America Commercial LLC [Member] | Requirement [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | $ 85,000 | |
Liquidity | $ 20,000 | |
Leverage Ratio | 6:1 | |
Finance of America Commercial LLC [Member] | Maximum Allowable Distribution [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | $ 2,350 | |
Liquidity | $ 12,728 | |
Leverage Ratio | 46,895 | |
Finance of America Reverse LLC [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | 452,613 | $ 527,443 |
Liquidity | $ 113,656 | $ 23,845 |
Leverage Ratio | 4.3:1 | 2.9:1 |
Finance of America Reverse LLC [Member] | Requirement [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | $ 417,826 | $ 417,826 |
Liquidity | $ 20,000 | $ 20,000 |
Leverage Ratio | 6:1 | 6:1 |
Finance of America Reverse LLC [Member] | Maximum Allowable Distribution [Member] | ||
Debt Instrument Covenant Description [Line Items] | ||
Adjusted Tangible Net Worth | $ 34,787 | $ 109,617 |
Liquidity | $ 93,656 | $ 3,845 |
Leverage Ratio | 126,542 | 264,134 |
Other Financing Lines of Cred_5
Other Financing Lines of Credit - Summary Of Components of Other Financing Lines of Credit (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | ||
Total Capacity | $ 5,870,329 | |
Outstanding borrowings | 3,189,756 | $ 3,347,442 |
Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Capacity | 3,470,329 | |
Outstanding borrowings | 1,593,908 | 1,996,538 |
Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Capacity | 1,812,500 | |
Outstanding borrowings | 1,302,891 | 1,129,402 |
Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Total Capacity | 587,500 | |
Outstanding borrowings | $ 292,957 | 221,502 |
April 2022 - June 2023 | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maturity date | April 2022 - June 2023 | |
Interest rate | LIBOR/SOFR + applicable margin | |
Collateral pledge | First Lien Mortgages | |
Total Capacity | $ 3,225,000 | |
Outstanding borrowings | $ 1,431,784 | 1,802,348 |
May 2022 - November 2022 | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maturity date | May 2022 - November 2022 | |
Interest rate | LIBOR/ AMERIBOR + applicable margin | |
Collateral pledge | MSRs | |
Total Capacity | $ 95,329 | |
Outstanding borrowings | $ 110,885 | 138,524 |
Mortgage Related Assets | Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Interest rate | LIBOR + applicable margin | |
Collateral pledge | Mortgage Related Assets | |
Outstanding borrowings | 5,041 | |
March 2026 | Mortgage Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maturity date | March 2026 | |
Interest rate | LIBOR + applicable margin | |
Collateral pledge | Mortgage Related Assets | |
Total Capacity | $ 150,000 | |
Outstanding borrowings | $ 51,269 | 55,666 |
April 2022 - April 2023 | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maturity date | April 2022 - April 2023 | |
Interest rate | LIBOR + applicable margin | |
Collateral pledge | First Lien Mortgages | |
Total Capacity | $ 1,275,000 | |
Outstanding borrowings | $ 887,435 | 714,013 |
April 2022 - September 2023 | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maturity date | April 2022 - September 2023 | |
Interest rate | Bond accrual rate + applicable margin | |
Collateral pledge | Mortgage Related Assets | |
Total Capacity | $ 397,500 | |
Outstanding borrowings | $ 300,834 | 297,893 |
February 2024 | 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 | $ 70,365 | 78,952 |
May 2022 | Reverse Line Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maturity date | May 2022 | |
Interest rate | Prime + .50%; 6% floor | |
Collateral pledge | Unsecuritized Tails | |
Total Capacity | $ 50,000 | |
Outstanding borrowings | $ 44,257 | 38,544 |
June 2022 - August 2022 | Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maturity date | June 2022 - August 2022 | |
Interest rate | LIBOR/SOFR + applicable margin | |
Collateral pledge | Encumbered Agricultural Loans | |
Total Capacity | $ 125,000 | |
Outstanding borrowings | $ 25,036 | 25,127 |
April 2022 - January 2024 | Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maturity date | April 2022 - January 2024 | |
Interest rate | LIBOR + applicable margin | |
Collateral pledge | First Lien Mortgages | |
Total Capacity | $ 432,500 | |
Outstanding borrowings | $ 237,921 | 167,159 |
August 2022 | Commercial Lines Of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Maturity date | August 2022 | |
Interest rate | 10% | |
Collateral pledge | Second Lien Mortgages | |
Total Capacity | $ 30,000 | |
Outstanding borrowings | $ 30,000 | $ 24,175 |
Payables and Other Liabilitie_2
Payables and Other Liabilities - Schedule of payables and other liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accrued liabilities | $ 259,133 | $ 114,931 |
Derivative liabilities | 91,364 | 26,678 |
Accrued compensation expense | 82,052 | 129,919 |
Lease liabilities | 62,933 | 65,518 |
Deferred purchase price liabilities | 42,541 | 47,479 |
GNMA reverse mortgage buyout payable | 33,601 | 31,274 |
Deferred tax liability, net | 19,658 | 18,581 |
Estimate of claim losses | 15,821 | 14,993 |
Liability for loans eligible for repurchase from Ginnie Mae | 10,345 | 7,956 |
Repurchase reserves | 7,856 | 8,685 |
Warrant liability | 5,648 | 5,497 |
Total payables and other liabilities | $ 630,952 | $ 471,511 |
Payables and Other Liabilitie_3
Payables and Other Liabilities - Additional information (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Public Warrants [Member] | ||
Class of warrants or rights outstanding | 14,375,000 | |
FOA Public Warrants [Member] | ||
Warrants and rights outstanding | $ 5.6 | $ 5.5 |
Notes Payable, Net - Additional
Notes Payable, Net - Additional information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest Expense | $ 32,830 | $ 34,366 |
Senior Unsecured Notes [Member] | ||
Interest Expense | $ 6,700 | $ 7,700 |
Notes Payable, Net - Schedule o
Notes Payable, Net - Schedule of the outstanding notes payable (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Fair value adjustment, net of amortization | $ 3,196 | $ 3,383 |
Total notes payable, net | $ 353,196 | 353,383 |
Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | November 2025 | |
Interest Rate | 7.90% | |
Debt Instrument, Face Amount | $ 350,000 | $ 350,000 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Litigation [Abstract] | ||
Litigation Settlement, Expense | $ 0.9 | $ 4.2 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Commitments to Purchase Loans [Member] | ||
Commitments and Contingencies [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 33.7 | $ 47.3 |
Commitments to Sell Loans [Member] | ||
Commitments and Contingencies [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 140.6 | 0 |
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 | $ 2,800 | 2,600 |
Fix And Flip Loans [Member] | ||
Commitments and Contingencies [Line Items] | ||
Unfunded loan commitments | $ 10.3 | $ 9.9 |
Equity Based Compensation - Sum
Equity Based Compensation - Summary of Activity of Grant (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Replacement RS Us [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Number of Units, Outstanding | 10,412,866 |
Total Number of Units, Settled | (20,640) |
Total Number of Units, Outstanding | 10,392,226 |
Grant Date Fair Value, Outstanding | $ / shares | $ 9.48 |
Grant Date Fair Value, Settled | $ / shares | 9.48 |
Grant Date Fair Value, Outstanding | $ / shares | $ 9.48 |
Total Fair Value, Outstanding | $ | $ 98,714 |
Total Fair Value, Settled | $ | (196) |
Total Fair Value, Outstanding | $ | $ 98,518 |
Replacement RS Us [Member] | Unvested Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Outstanding | 10,392,226 |
Number of Units, Vested | (722,398) |
Number of Units, Outstanding | 9,669,828 |
Replacement RS Us [Member] | Vested Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Outstanding | 20,640 |
Number of Units, Vested | 722,398 |
Number of Units, Settled | (20,640) |
Number of Units, Outstanding | 722,398 |
Earnout Rights RS Us [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Number of Units, Outstanding | 1,531,440 |
Total Number of Units, Outstanding | 1,531,440 |
Grant Date Fair Value, Outstanding | $ / shares | $ 8.91 |
Grant Date Fair Value, Outstanding | $ / shares | $ 8.91 |
Total Fair Value, Outstanding | $ | $ 13,638 |
Total Fair Value, Outstanding | $ | $ 13,638 |
Earnout Rights RS Us [Member] | Unvested Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Outstanding | 1,531,440 |
Number of Units, Outstanding | 1,531,440 |
Earnout Rights RS Us [Member] | Vested Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Outstanding | 0 |
Number of Units, Outstanding | 0 |
Non L T I P R S Us [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total Number of Units, Outstanding | 168,221 |
Total Number of Units, Granted | 409,835 |
Total Number of Units, Outstanding | 578,056 |
Grant Date Fair Value, Outstanding | $ / shares | $ 5.35 |
Grant Date Fair Value, Granted | $ / shares | 3.35 |
Grant Date Fair Value, Outstanding | $ / shares | $ 3.93 |
Total Fair Value, Outstanding | $ | $ 900 |
Total Fair Value, Granted | $ | 1,373 |
Total Fair Value, Outstanding | $ | $ 2,273 |
Non L T I P R S Us [Member] | Unvested Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Outstanding | 168,221 |
Number of Units, Granted | 409,835 |
Number of Units, Outstanding | 578,056 |
Non L T I P R S Us [Member] | Vested Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Outstanding | 0 |
Equity Based Compensation - Add
Equity Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 15, 2022 | Jan. 01, 2022 | Apr. 01, 2021 | Oct. 28, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2022 |
Share-based compensation arrangement by share-based payment award,Vesting period | |||||||
Employee stock purchase plan percentage of participants base earnings | 15.00% | ||||||
Employee stock purchase plan threshold employee contribution per calendar year | $ 50,000 | ||||||
Employee stock purchase plan percentage of restricted stock units granted | 20.00% | ||||||
Employee stock purchase plan expenses incurred | $ 100 | ||||||
Replacement RS Us [Member] | |||||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||||
Share-based compensation expense | 15,300 | $ 0 | |||||
Unrecognized share-based compensation expense | 51,900 | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period | 722,398 | 3,704,860 | |||||
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 | 2,200 | 0 | |||||
Unrecognized share-based compensation expense | $ 4,000 | ||||||
Restricted stock units outstanding | 0 | ||||||
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) | ||||||
Share-based compensation arrangement by share-based payment award, Cash used to settle award | $ 24,000 | ||||||
Non LTIP RSUs [Member] | |||||||
Share-based compensation arrangement by share-based payment award,Vesting period | |||||||
Share-based compensation expense | $ 400 | $ 0 | |||||
Unrecognized share-based compensation expense | $ 1,800 | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period | 219,987 | ||||||
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 | ||||||
Number of trading days determining common stock share price | 20 days | ||||||
Number of consecutive trading days for determining common stock share price | 30 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 | ||||||
Number of trading days determining common stock share price | 20 days | ||||||
Number of consecutive trading days for 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% |
Business Segment Reporting - Su
Business Segment Reporting - Summary of Financial Information By Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
REVENUES | |||
Gain on sale and other income from loans held for sale, net | $ 118,352 | $ 291,334 | |
Net fair value gains on loans and related obligations | 10,435 | 76,663 | |
Fee income | 157,604 | 161,371 | |
Net interest income (expense) | (18,957) | (21,705) | |
TOTAL REVENUES | 267,434 | 507,663 | |
Total expenses | 349,536 | 373,314 | |
Other, net | 4,772 | (8,892) | |
NET INCOME (LOSS) BEFORE INCOME TAXES | (77,330) | 125,457 | |
Depreciation and amortization | 16,644 | 3,484 | |
Total assets | 22,077,907 | 20,100,419 | $ 21,788,946 |
Interest Income, Operating | 13,873 | 12,661 | |
Interest expense | (32,830) | (34,366) | |
Operating Segments | |||
REVENUES | |||
Gain on sale and other income from loans held for sale, net | 123,059 | 291,546 | |
Net fair value gains on loans and related obligations | 6,445 | 76,630 | |
Fee income | 169,800 | 154,759 | |
Net interest income (expense) | (12,348) | (13,961) | |
TOTAL REVENUES | 286,956 | 508,974 | |
Total expenses | 328,516 | 348,706 | |
Other, net | 5,029 | 1,080 | |
NET INCOME (LOSS) BEFORE INCOME TAXES | (36,531) | 161,348 | |
Depreciation and amortization | 16,135 | 3,113 | |
Total assets | 22,057,588 | 20,047,170 | |
Interest Income, Operating | 13,779 | 12,649 | |
Interest expense | (26,127) | (26,610) | |
Corporate and Other | |||
REVENUES | |||
Fee income | 0 | 0 | |
Net interest income (expense) | (6,609) | (7,744) | |
TOTAL REVENUES | (6,609) | (7,744) | |
Total expenses | 34,038 | 18,683 | |
Other, net | (152) | (9,464) | |
NET INCOME (LOSS) BEFORE INCOME TAXES | (40,799) | (35,891) | |
Depreciation and amortization | 509 | 371 | |
Total assets | 1,755,154 | 379,562 | |
Interest Income, Operating | 94 | 12 | |
Interest expense | (6,703) | (7,756) | |
Elim | |||
REVENUES | |||
Gain on sale and other income from loans held for sale, net | (4,707) | (212) | |
Net fair value gains on loans and related obligations | 3,990 | 33 | |
Fee income | (12,196) | 6,612 | |
TOTAL REVENUES | (12,913) | 6,433 | |
Total expenses | (13,018) | 5,925 | |
Other, net | (105) | (508) | |
Depreciation and amortization | 0 | 0 | |
Total assets | (1,734,835) | (326,313) | |
Mortgage Originations | Operating Segments | |||
REVENUES | |||
Gain on sale and other income from loans held for sale, net | 111,921 | 286,481 | |
Net fair value gains on loans and related obligations | 0 | 0 | |
Fee income | 20,149 | 32,731 | |
Net interest income (expense) | 3,201 | 891 | |
TOTAL REVENUES | 135,271 | 320,103 | |
Total expenses | 156,783 | 224,246 | |
NET INCOME (LOSS) BEFORE INCOME TAXES | (21,512) | 95,857 | |
Depreciation and amortization | 2,820 | 1,423 | |
Total assets | 1,761,388 | 2,425,529 | |
Interest Income, Operating | 12,572 | 12,483 | |
Interest expense | (9,371) | (11,592) | |
Reverse Originations | Operating Segments | |||
REVENUES | |||
Net fair value gains on loans and related obligations | 105,755 | 68,449 | |
Fee income | 1,816 | 524 | |
TOTAL REVENUES | 107,571 | 68,973 | |
Total expenses | 43,179 | 23,693 | |
Other, net | 3,214 | 34 | |
NET INCOME (LOSS) BEFORE INCOME TAXES | 67,606 | 45,314 | |
Depreciation and amortization | 9,598 | 151 | |
Total assets | 416,127 | 35,861 | |
Commercial Originations | Operating Segments | |||
REVENUES | |||
Net fair value gains on loans and related obligations | 3,475 | 5,431 | |
Fee income | 17,158 | 8,930 | |
TOTAL REVENUES | 20,633 | 14,361 | |
Total expenses | 23,087 | 13,391 | |
Other, net | 124 | 149 | |
NET INCOME (LOSS) BEFORE INCOME TAXES | (2,330) | 1,119 | |
Depreciation and amortization | 514 | 125 | |
Total assets | 26,752 | 82,375 | |
Lender Services | Operating Segments | |||
REVENUES | |||
Gain on sale and other income from loans held for sale, net | 210 | 0 | |
Net fair value gains on loans and related obligations | 0 | 0 | |
Fee income | 76,152 | 76,383 | |
Net interest income (expense) | 127 | (36) | |
TOTAL REVENUES | 76,489 | 76,347 | |
Total expenses | 70,756 | 62,970 | |
Other, net | 1,664 | 2 | |
NET INCOME (LOSS) BEFORE INCOME TAXES | 7,397 | 13,379 | |
Depreciation and amortization | 3,112 | 1,268 | |
Total assets | 224,673 | 125,317 | |
Interest Income, Operating | 160 | 28 | |
Interest expense | (33) | (64) | |
Portfolio Management | |||
REVENUES | |||
Gain on sale and other income from loans held for sale, net | 10,928 | 5,065 | |
Net fair value gains on loans and related obligations | 2,750 | ||
Portfolio Management | Operating Segments | |||
REVENUES | |||
Net fair value gains on loans and related obligations | (102,785) | ||
Fee income | 54,525 | 36,191 | |
Net interest income (expense) | (15,676) | (14,816) | |
TOTAL REVENUES | (53,008) | 29,190 | |
Total expenses | 34,711 | 24,406 | |
Other, net | 27 | 895 | |
NET INCOME (LOSS) BEFORE INCOME TAXES | (87,692) | 5,679 | |
Depreciation and amortization | 91 | 146 | |
Total assets | 19,628,648 | 17,378,088 | |
Interest Income, Operating | 1,047 | 138 | |
Interest expense | $ (16,723) | $ (14,954) |
Liquidity and Capital Require_2
Liquidity and Capital Requirements - Additional information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Liquidity And Capital Requirements [Line Items] | ||
Minimum net capital requirement | $ 300 | |
Policyholders' Surplus | 8,000 | |
Total requirement | 4,000 | |
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 | 183,100 | |
Adjusted balance of capital requirements | $ 243,900 | $ 180,032 |
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 Ginnie Mae. 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 | $ 106,600 | |
Tangible capital, actual | 439,000 | |
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% | |
Finance of America Mortgage LLC | State of Missouri | ||
Liquidity And Capital Requirements [Line Items] | ||
Adjusted balance of capital requirements | $ 301,100 |
Related Party Transactions - Ad
Related Party Transactions - Additional information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2021 | Jul. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Nov. 30, 2020 |
Related Party Transaction [Line Items] | |||||
Warrant exercised for purchase of units | 0.0001 | ||||
Series A 2 Convertible Preferred Units [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of fully diluted equity ownership after contractual exercise | $ 6,426,015 | ||||
Contractual cash exercise price | $ 36.4 | ||||
Two Thousand And Nineteen Promissory Notes | |||||
Related Party Transaction [Line Items] | |||||
Interest Expense, Related Party | $ 0 | ||||
Maturity period | January 2023 | ||||
Notes payable related parties current | $ 0 | ||||
BTO Urban Holdings And Libman Family Holdings, LLC | Two Thousand And Nineteen Promissory Notes | |||||
Related Party Transaction [Line Items] | |||||
Interest rate | 6.50% | ||||
FarmOp Capital Holdings, LLC | Originated Agricultural Loans | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Purchases from Related Party | 73,300 | $ 83,000 | |||
FarmOp Capital Holdings, LLC | Originated Agricultural Loans Funded Draw Amounts | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Amounts of Transaction | 88,700 | 82,100 | |||
FarmOp Capital Holdings, LLC | Promissory Notes | |||||
Related Party Transaction [Line Items] | |||||
Outstanding promissory notes | $ 4,100 | 4,200 | |||
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 | ||||
Various Investors Of UFG | Non Recourse MSR Financing | |||||
Related Party Transaction [Line Items] | |||||
Related party outstanding advance | 115,400 | 160,100 | |||
MSR fair value | $ 155,100 | 176,100 | |||
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 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Net income before income taxes | $ (77,330) | $ 125,457 |
Provision for income taxes | $ (13,335) | $ 1,137 |
Effective tax provision rate | 17.24% | 0.91% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Income Tax Disclosure [Abstract] | |
Uncertain tax positions interest or penalties recognized | $ 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 | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Numerator | |||
Net loss | $ (63,995) | $ 124,320 | |
Less: loss attributable to noncontrolling interests | [1] | (55,502) | |
Net loss attributable to holders of Class A Common Stock - basic | $ (8,493) | ||
Denominator | |||
Weighted average shares of Class A Common Stock outstanding - basic | 60,773,891 | 0 | |
Basic net loss per share | $ (0.14) | $ 0 | |
[1] | The Class A LLC Units of FoA Equity, held by the Continuing Unitholders, which comprise the noncontrolling interest in the Company, represents a participating security. Therefore, the numerator was adjusted to reduce net income by the amount of net income attributable to noncontrolling interests. |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Earnings Per Share Diluted by Common Class (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Numerator | |||
Net loss attributable to holders of Class A Common Stock | $ (8,493) | ||
Denominator | |||
Weighted average shares of Class A Common Stock outstanding - basic | 60,773,891 | 0 | |
Effect of dilutive securities: | |||
Weighted average shares of Class A Common Stock outstanding - diluted | 189,448,936 | 0 | |
Diluted net loss per share | $ (0.30) | $ 0 | |
Common Class A [Member] | |||
Numerator | |||
Net loss attributable to holders of Class A Common Stock | $ (8,493) | ||
Reallocation of net loss assuming exchange of Class A LLC Units | [1] | (48,753) | |
Net loss attributable to holders of Class A Common Stock - diluted | $ (57,246) | ||
Denominator | |||
Weighted average shares of Class A Common Stock outstanding - basic | 60,773,891 | ||
Effect of dilutive securities: | |||
Assumed exchange of weighted average Class A LLC Units for shares of Class A Common Stock | [2] | 128,675,045 | |
Weighted average shares of Class A Common Stock outstanding - diluted | 189,448,936 | ||
Diluted net loss per share | $ (0.30) | ||
[1] | This adjustment assumes the after-tax elimination of noncontrolling interest due to the assumed exchange of all Class A LLC Units outstanding for shares of Class A Common Stock in FoA as of the beginning of the period following the if-converted method for calculating diluted net income (loss) per share. 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 the Company to such Class A LLC unitholders. The remaining compensation cost associated with the Replacement RSUs and Earnout Right RSUs will be born by FoA for the share attributable to Blackstone Tactical Opportunities Fund (Urban Feeder) - NQ L.P., a Delaware limited partnership (“Blocker”). As a result of the application of the if-converted method, in arriving at diluted net loss per share, the entirety of the compensation cost associated with vesting of the Replacement RSUs and Earnout Right RSUs is assumed to be included in the net loss attributable to holders of the Company’s Class A Common Stock. | ||
[2] | The diluted weighted average shares outstanding of Class A Common Stock includes the effects of the if-converted method to reflect the provisions of the Exchange Agreement and assumes the Class A LLC Units held by Continuing Unitholders, representing the noncontrolling interest, exchange their units on a one-for-one basis for shares of Class A Common Stock in FoA. |
Equity (Detail)
Equity (Detail) - $ / shares | Mar. 31, 2022 | Mar. 04, 2022 | Apr. 01, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | |||||
Common units outstanding | 128,633,367 | 128,633,367 | |||
Capital Unit, Class A [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares outstanding | 65,074,069 | 65,074,069 | |||
Common units outstanding | 189,448,936 | 189,448,936 | |||
Conversion of Stock, Shares Converted | 49,696 | ||||
Capital Unit, Class A [Member] | Noncontrolling Interest [Member] | |||||
Class of Stock [Line Items] | |||||
Common units outstanding | 60,815,569 | 60,815,569 | |||
Common Class A [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares outstanding | 60,815,569 | 60,815,569 | 60,815,569 | ||
Common stock, shares issued | 60,815,569 | 60,815,569 | 60,815,569 | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common stock shares outstanding unvested portion | 4,258,500 | 4,258,500 | |||
Conversion of Stock, Shares Converted | 49,696 | ||||
Common Class B [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock, shares outstanding | 15 | 15 | 15 | ||
Common stock, shares issued | 15 | 15 | 15 | ||
Stock issued during period, shares | 15 | ||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |