Mr. Cooper (COOP) 10-Q 27 Jul 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 22, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-14667
Entity Registrant Name	Mr. Cooper Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	91-1653725
Entity Address, Address Line One	8950 Cypress Waters Blvd
Entity Address, City or Town	Coppell
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75019
City Area Code	469
Local Phone Number	549-2000
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	COOP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,650,299
Entity Central Index Key	0000933136
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 514	$ 895
Restricted cash	115	146
Mortgage servicing rights at fair value	6,151	4,223
Advances and other receivables, net of reserves of $150 and $167, respectively	892	1,228
Mortgage loans held for sale at fair value	2,072	4,381
Property and equipment, net of accumulated depreciation of $112 and $122, respectively	72	98
Deferred tax assets, net	750	991
Other assets	2,329	2,242
Total assets	12,895	14,204
Liabilities and Stockholders’ Equity
Unsecured senior notes, net	2,672	2,670
Advance and warehouse facilities, net	3,407	4,997
Payables and other liabilities	2,223	2,392
MSR related liabilities - nonrecourse at fair value	556	778
Total liabilities	8,858	10,837
Commitments and contingencies (Note 15)
Preferred stock at $0.00001 - 10 million shares authorized, zero shares issued, zero shares outstanding; aggregate liquidation preference of zero	0	0
Common stock at $0.01 par value - 300 million shares authorized, 93.2 million shares issued	1	1
Additional paid-in-capital	1,094	1,116
Retained earnings	3,688	2,879
Treasury shares at cost - 21.6 million and 19.4 million shares, respectively	(747)	(630)
Total Mr. Cooper stockholders’ equity	4,036	3,366
Non-controlling interests	1	1
Total stockholders’ equity	4,037	3,367
Total liabilities and stockholders’ equity	$ 12,895	$ 14,204

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Advances and other receivables, reserves	$ 150,000,000	$ 167,000,000
Accumulated depreciation	$ 112,000,000	$ 122,000,000
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, liquidation preference	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares, issued (in shares)	93,200,000	93,200,000
Treasury stock (in shares)	21,600,000	19,400,000

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Service related, net	$ 460	$ (8)	$ 1,215	$ 572
Net gain on mortgage loans held for sale	139	582	436	1,261
Total revenues	599	574	1,651	1,833
Expenses:
Salaries, wages and benefits	203	277	431	554
General and administrative	125	148	235	325
Total expenses	328	425	666	879
Interest income	50	51	86	97
Interest expense	(111)	(119)	(217)	(245)
Other (expense) income, net	(5)	486	217	486
Total other (expense) income, net	(66)	418	86	338
Income (loss) from continuing operations before income tax expense (benefit)	205	567	1,071	1,292
Less: Income tax expense	54	140	262	306
Net income from continuing operations	151	427	809	986
Net income from discontinued operations	0	12	0	14
Net income	151	439	809	1,000
Less: Undistributed earnings attributable to participating stockholders	0	4	0	9
Net income attributable to common stockholders	$ 151	$ 435	$ 809	$ 991
Earnings Per Share [Abstract]
Income (Loss) from Continuing Operations, Per Basic Share	$ 2.08	$ 4.91	$ 11.04	$ 11.13
Income (Loss) from Continuing Operations, Per Diluted Share	2.03	4.72	10.74	10.65
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share	0	0.14	0	0.16
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	0	0.13	0	0.15
Basic (in dollars per share)	2.08	5.05	11.04	11.29
Diluted (in dollars per share)	$ 2.03	$ 4.85	$ 10.74	$ 10.80

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Share Amount	Total Mr. Cooper Stockholders’ Equity	Non-controlling Interests
Shares outstanding, beginning balance (in shares) at Dec. 31, 2020		1,000	89,457
Stockholders' equity, beginning balance at Dec. 31, 2020	$ 2,504	$ 0	$ 1	$ 1,126	$ 1,434	$ (58)	$ 2,503	$ 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued / (surrendered) under incentive compensation plan (in shares)			1,197
Shares issued / (surrendered) under incentive compensation plan	(20)			(20)			(20)
Share-based compensation	14			14			14
Repurchase of common stock (in shares)			(4,505)
Repurchase of common stock	(148)					(148)	(148)
Net income	1,000				1,000		1,000	0
Shares outstanding, ending balance (in shares) at Jun. 30, 2021		1,000	86,149
Stockholders' equity, ending balance at Jun. 30, 2021	3,350	$ 0	$ 1	1,120	2,434	(206)	3,349	1
Shares outstanding, beginning balance (in shares) at Dec. 31, 2020		1,000	89,457
Stockholders' equity, beginning balance at Dec. 31, 2020	2,504	$ 0	$ 1	1,126	1,434	(58)	2,503	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)			14,800
Shares outstanding, ending balance (in shares) at Dec. 31, 2021		0	73,777
Stockholders' equity, ending balance at Dec. 31, 2021	3,367	$ 0	$ 1	1,116	2,879	(630)	3,366	1
Shares outstanding, beginning balance (in shares) at Mar. 31, 2021		1,000	86,135
Stockholders' equity, beginning balance at Mar. 31, 2021	2,904	$ 0	$ 1	1,113	1,995	(206)	2,903	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued / (surrendered) under incentive compensation plan (in shares)			14
Shares issued / (surrendered) under incentive compensation plan	(1)			(1)			(1)
Share-based compensation	8			8			8
Net income	439				439		439	0
Shares outstanding, ending balance (in shares) at Jun. 30, 2021		1,000	86,149
Stockholders' equity, ending balance at Jun. 30, 2021	3,350	$ 0	$ 1	1,120	2,434	(206)	3,349	1
Shares outstanding, beginning balance (in shares) at Dec. 31, 2021		0	73,777
Stockholders' equity, beginning balance at Dec. 31, 2021	3,367	$ 0	$ 1	1,116	2,879	(630)	3,366	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued / (surrendered) under incentive compensation plan (in shares)			856
Shares issued / (surrendered) under incentive compensation plan	(21)			(39)		18	(21)
Share-based compensation	17			17			17
Repurchase of common stock (in shares)			(2,982)
Repurchase of common stock	(135)					(135)	(135)
Net income	809				809		809	0
Shares outstanding, ending balance (in shares) at Jun. 30, 2022		0	71,651
Stockholders' equity, ending balance at Jun. 30, 2022	4,037	$ 0	$ 1	1,094	3,688	(747)	4,036	1
Shares outstanding, beginning balance (in shares) at Mar. 31, 2022		0	73,906
Stockholders' equity, beginning balance at Mar. 31, 2022	3,977	$ 0	$ 1	1,085	3,537	(647)	3,976	1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued / (surrendered) under incentive compensation plan (in shares)			6
Shares issued / (surrendered) under incentive compensation plan	0			0		0	0
Share-based compensation	9			9			9
Repurchase of common stock (in shares)			(2,261)
Repurchase of common stock	(100)					(100)	(100)
Net income	151				151		151	0
Shares outstanding, ending balance (in shares) at Jun. 30, 2022		0	71,651
Stockholders' equity, ending balance at Jun. 30, 2022	$ 4,037	$ 0	$ 1	$ 1,094	$ 3,688	$ (747)	$ 4,036	$ 1

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
Operating Activities
Net income		$ 809	$ 1,000
Net income from discontinued operations		0	14
Net income from continuing operations		809	986
Adjustments to reconcile net income from continuing operations to net cash attributable to operating activities:
Deferred tax expense		241	215
Net gain on mortgage loans held for sale		(436)	(1,261)
Provision for servicing and non-servicing reserves		11	21
Fair value changes in mortgage servicing rights		(663)	190
Fair value changes in MSR related liabilities		131	2
Depreciation and amortization for property and equipment and intangible assets		20	31
Gain on sale of business		0	(487)
Gain on disposition of assets		223	0
Other operating activities		39	32
Repurchases of forward loan assets out of Ginnie Mae securitizations		(2,686)	(5,812)
Mortgage loans originated and purchased for sale, net of fees		(19,370)	(47,560)
Sales proceeds and loan payment proceeds for mortgage loans held for sale		24,510	52,923
Changes in assets and liabilities:
Advances and other receivables		311	48
Other assets		4	101
Payables and other liabilities		(116)	4
Net cash attributable to operating activities - continuing operations		2,582	(567)
Net cash attributable to operating activities - discontinued operations		0	453
Net cash attributable to operating activities		2,582	(114)
Investing Activities
Property and equipment additions, net of disposals		(9)	(26)
Purchase of mortgage servicing rights		(1,151)	(217)
Proceeds on sale of mortgage servicing rights		275	13
Other investing activities		0	(17)
Net cash attributable to investing activities - continuing operations		(885)	(247)
Net cash attributable to investing activities - discontinued operations		0	0
Net cash attributable to investing activities		(885)	(247)
Financing Activities
(Decrease) increase in advance and warehouse facilities		(1,597)	1,047
Repayments of excess spread financing		(292)	0
Settlements of excess spread financing		(61)	(81)
Repurchase of common stock		(135)	(148)
Other financing activities		(24)	(23)
Net cash attributable to financing activities - continuing operations		(2,109)	795
Net cash attributable to financing activities - discontinued operations		0	(441)
Net cash attributable to financing activities		(2,109)	354
Net decrease in cash, cash equivalents, and restricted cash		(412)	(7)
Cash, cash equivalents, and restricted cash - beginning of period		1,041	913
Cash, cash equivalents, and restricted cash - end of period(1)	[1]	629	906
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Equity consideration received from disposition of assets		250	0
Purchase of mortgage servicing rights		45	7
Noncash Transaction, Sale of Forward Mortgage Servicing Rights		15	0
Consideration from sale of business		$ 0	$ 499
[1]The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets. June 30, 2022 June 30, 2021 Cash and cash equivalents $ 514 $ 716 Restricted cash 115 113 Restricted cash within assets of discontinued operations — 77 Total cash, cash equivalents, and restricted cash $ 629 $ 906

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions		Jun. 30, 2022	Jun. 30, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents		$ 514	$ 716
Restricted cash		115	113
Restricted cash within assets of discontinued operations		0	77
Total cash, cash equivalents, and restricted cash	[1]	$ 629	$ 906
[1]The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets. June 30, 2022 June 30, 2021 Cash and cash equivalents $ 514 $ 716 Restricted cash 115 113 Restricted cash within assets of discontinued operations — 77 Total cash, cash equivalents, and restricted cash $ 629 $ 906

Nature of Business and Basis of

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Nature of Business Mr. Cooper Group Inc., collectively with its consolidated subsidiaries, (“Mr. Cooper,” the “Company,” “we,” “us” or “our”) provides servicing, origination and transaction-based services related to single family residences throughout the United States with operations under its primary brands: Mr. Cooper® and Xome®. Mr. Cooper is one of the largest home loan originators and servicers in the country focused on delivering a variety of servicing and lending products, services and technologies. The Company’s corporate website is located at www.mrcoopergroup.com . The Company has provided a glossary of terms, which defines certain industry-specific and other terms that are used herein, in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations , of this Form 10-Q. Basis of Presentation The interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Reports on Form 10-K for the year ended December 31, 2021. The interim condensed consolidated financial statements are unaudited; however, in the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation of the results of the interim periods have been included. Dollar amounts are reported in millions, except per share data and other key metrics, unless otherwise noted. Share-based compensation for restricted stock units granted to employees of the Company, consultants, and non-employee directors is based on the fair market value of the Company’s common stock on the grant date and recognized as an expense over the requisite employee service period on a straight-line basis using an accelerated attribution model. Shares for these awards are issued to employees from treasury stock. Basis of Consolidation The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, other entities in which the Company has a controlling financial interest and those variable interest entities (“VIE”) where the Company’s wholly-owned subsidiaries are the primary beneficiaries. Assets and liabilities of VIEs and their respective results of operations are consolidated from the date that the Company became the primary beneficiary through the date the Company ceases to be the primary beneficiary. The Company applies the equity method of accounting to investments where it is able to exercise significant influence, but not control, over the policies and procedures of the entity and owns less than 50% of the voting interests. These investments are initially measured at cost and subsequently adjusted for Company’s proportionate share of earnings and losses in the investee. Investments in certain companies over which the Company does not exert significant influence are recorded at fair value, or at cost upon election of measurement alternative, at the end of each reporting period. Intercompany balances and transactions on consolidated entities have been eliminated. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates due to factors such as adverse changes in the economy, macro-economic uncertainty, changes in interest rates, secondary market pricing for loans held for sale and derivatives, strength of underwriting and servicing practices, changes in prepayment assumptions, declines in home prices or discrete events adversely affecting specific borrowers and such differences could be material. Reclassifications Certain reclassifications have been made in the 2021 condensed consolidated statement of cash flows to conform to 2022 presentation. Such reclassifications were not material and did not affect total revenues or net income. Recent Accounting Guidance Adopted

Discontinued Operations and Dis

Discontinued Operations and Disposal Groups	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure	2. Dispositions Sale of Mortgage Servicing Platform On March 31, 2022, the Company completed the sale of certain assets and liabilities of its servicing and subservicing technology platform for performing and non-performing mortgage loans (the “Mortgage Servicing Platform”) to Sagent M&C, LLC (“Sagent”), in exchange for Class A-1 Common Units equal to 19.9% ownership of Sagent, and the sale of certain tangible personal property of the Company used in the conduct of the Mortgage Servicing Platform in exchange for $9.9 in cash, for total consideration of $260 (the “Sagent Transaction”). In connection with the Sagent Transaction, the Company recorded a gain of $223, which was included in other income, net within the condensed consolidated statements of operations, and recorded $4 transaction costs during the six months ended June 30, 2022. No transaction costs were recorded in the three months ended June 30, 2022. The net carrying amount of assets and liabilities transferred in connection with the Sagent Transaction was $31 and reported under Corporate/Other. The Company accounted for the equity interest under the equity method of accounting, as the Company has the ability to exercise significant influence over Sagent’s operating and financial decisions but does not own a majority equity interest or otherwise control the respective entity. Under the equity method of accounting, the investment is initially stated at cost and subsequently adjusted for additional investments and the Company’s proportionate share of Sagent’s earnings or losses and distributions. The initial cost of the equity interest recorded was $250, which represented the fair value as of March 31, 2022. Sale of Reverse Servicing Portfolio In 2021, the Company completed the sale of its reverse servicing portfolio, operating under Champion Mortgage brand (“Champion”), to Mortgage Assets Management, LLC and its affiliates (“MAM”) for total consideration of $1,640. Upon close of the transaction, MAM assumed Champion’s reverse portfolio and related operations. The Company recorded transaction costs of $5 during the three and six months ended June 30, 2021. The carrying amounts of assets and liabilities associated with the reverse servicing operation were reported under the Servicing segment. The sale of business represents a strategic shift in the Company’s operations. Therefore, the sale of the reverse servicing portfolio qualifies for reporting as discontinued operations, and the related results of operations are reported as discontinued operations in the condensed consolidated statements of operations for prior periods presented. As part of the transaction, the Company entered into a transitional servicing agreement with MAM, under which the Company was compensated for continuing to subservice the reverse loans through the date that the loans were transferred out of Company’s servicing system. The transfer of the loans out of the Company’s servicing system was completed on April 1, 2022. In addition, the Company retained certain loans, primarily related to previously liquidated loans. As of June 30, 2022, the retained total assets and total liabilities were $34 and $26, respectively. As of December 31, 2021, the retained total assets and total liabilities were $55 and $39, respectively. The retained assets and liabilities are included in other assets, and payables and other liabilities, respectively, on the condensed consolidated balance sheets. The following table sets forth the condensed consolidated statements of operations data for discontinued operations for the three and six months ended June 30, 2021: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Revenue - service related, net $ 1 $ 9 Salaries, wages and benefits expense (8) (16) General and administrative expense 71 64 Interest income 43 87 Interest expense (30) (64) Loss on classification as discontinued operations (61) (61) Income from discontinued operations before income tax expense 16 19 Less: Income tax expense 4 5 Net income from discontinued operations $ 12 $ 14

Mortgage Servicing Rights and R

Mortgage Servicing Rights and Related Liabilities	6 Months Ended
	Jun. 30, 2022
Transfers and Servicing [Abstract]
Mortgage Servicing Rights and Related Liabilities	3. Mortgage Servicing Rights and Related Liabilities The following table sets forth the carrying value of the Company’s mortgage servicing rights (“MSRs”) and the related liabilities. In estimating the fair value of all mortgage servicing rights and related liabilities, the impact of the current environment was considered in the determination of key assumptions. MSRs and Related Liabilities June 30, 2022 December 31, 2021 MSRs - fair value $ 6,151 $ 4,223 Excess spread financing - fair value $ 532 $ 768 Mortgage servicing rights financing - fair value 24 10 MSR related liabilities - nonrecourse at fair value $ 556 $ 778 Mortgage Servicing Rights The following table sets forth the activities of MSRs: Six Months Ended June 30, MSRs - Fair Value 2022 2021 Fair value - beginning of period $ 4,223 $ 2,703 Additions: Servicing retained from mortgage loans sold 360 554 Purchases of servicing rights 1,178 218 Dispositions: Sales of servicing assets (289) (12) Changes in fair value: Changes in valuation inputs or assumptions used in the valuation model (MSR MTM) 1,124 321 Changes in valuation due to amortization (461) (511) Other changes 16 34 Fair value - end of period $ 6,151 $ 3,307 During the six months ended June 30, 2022 and 2021, the Company sold $20,052 and $1,076 in unpaid principal balance (“UPB”) of MSRs, of which $19,367 and $1,008 were retained by the Company as subservicer, respectively. MSRs are segregated between investor type into agency and non-agency pools (referred to herein as “investor pools”) based upon contractual servicing agreements with investors at the respective balance sheet date to evaluate the MSR portfolio and fair value of the portfolio. Agency investors primarily consist of government sponsored enterprises (“GSE”), such as the Federal National Mortgage Association (“Fannie Mae” or “FNMA”) and the Federal Home Loan Mortgage Corp (“Freddie Mac” or “FHLMC”), and the Government National Mortgage Association (“Ginnie Mae” or “GNMA”). Non-agency investors consist of investors in private-label securitizations. The following table provides a breakdown of UPB and fair value for the Company’s MSRs: June 30, 2022 December 31, 2021 MSRs - UPB and Fair Value Breakdown UPB Fair Value UPB Fair Value Investor Pools Agency $ 364,436 $ 5,806 $ 302,851 $ 3,859 Non-agency 32,951 345 36,357 364 Total $ 397,387 $ 6,151 $ 339,208 $ 4,223 Refer to Note 13, Fair Value Measurements , for further discussion on key weighted-average inputs and assumptions used in estimating the fair value of MSRs. The following table shows the hypothetical effect on the fair value of the Company’s MSRs when applying certain unfavorable variations of key assumptions to these assets for the dates indicated: Discount Rate Total Prepayment Speeds Cost to Service per Loan MSRs - Hypothetical Sensitivities 100 bps Adverse Change 200 bps Adverse Change 10% Adverse Change 20% Adverse Change 10% Adverse Change 20% Adverse Change June 30, 2022 Mortgage servicing rights $ (258) $ (495) $ (150) $ (293) $ (66) $ (132) December 31, 2021 Mortgage servicing rights $ (141) $ (272) $ (148) $ (286) $ (46) $ (93) These hypothetical sensitivities should be evaluated with care. The effect on fair value of an adverse change in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the impact of a variation in a particular assumption on the fair value is calculated while holding other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects. Excess Spread Financing - Fair Value The Company had excess spread financing liability of $532 and $768 as of June 30, 2022 and December 31, 2021, respectively. Refer to Note 13, Fair Value Measurements , for key weighted-average inputs and assumptions used in the valuation of excess spread financing liability. In June 2022, the Company entered into an assignment agreement with an investor to repurchase excess spread liabilities for a total purchase price of $277. The following table shows the hypothetical effect on the Company’s excess spread financing fair value when applying certain unfavorable variations of key assumptions to these liabilities for the dates indicated: Discount Rate Prepayment Speeds Excess Spread Financing - Hypothetical Sensitivities 100 bps Adverse Change 200 bps Adverse Change 10% Adverse Change 20% Adverse Change June 30, 2022 Excess spread financing $ 20 $ 42 $ 13 $ 26 December 31, 2021 Excess spread financing $ 26 $ 54 $ 28 $ 58 These hypothetical sensitivities should be evaluated with care. The effect on fair value of an adverse change in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the impact of a variation in a particular assumption on the fair value is calculated while holding other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects. Also, a positive change in the above assumptions would not necessarily correlate with the corresponding decrease in the net carrying amount of the excess spread financing. Excess spread financing’s cash flow assumptions that are utilized in determining fair value are based on the related cash flow assumptions used in the financed MSRs. Any fair value change recognized in the financed MSRs attributable to related cash flows assumptions would inherently have an inverse impact on the carrying amount of the related excess spread financing. Mortgage Servicing Rights Financing - Fair Value The Company had MSR financing liability of $24 and $10 as of June 30, 2022 and December 31, 2021, respectively. Refer to Note 13, Fair Value Measurements , for key weighted-average inputs and assumptions used in the valuation of the MSR financing liability. Servicing Segment Revenues The following table sets forth the items comprising total revenues for the Servicing segment: Three Months Ended June 30, Six Months Ended June 30, Total Revenues - Servicing 2022 2021 2022 2021 Contractually specified servicing fees (1) $ 378 $ 275 $ 705 $ 551 Other service-related income (1) 20 214 68 359 Incentive and modification income (1) 9 14 18 28 Late fees (1) 19 16 38 34 Mark-to-market adjustments (2) 200 (140) 753 225 Amortization, net of accretion (3) (199) (198) (401) (365) Other (4) (32) (76) (70) (159) Total revenues - Servicing $ 395 $ 105 $ 1,111 $ 673 (1) The Company recognizes revenue on an earned basis for services performed. Amounts include subservicing related revenues. (2) Mark-to-market (“MTM”) adjustments include fair value adjustments on MSR, excess spread financing and MSR financing liabilities. The amount of MSR MTM includes the impact of negative modeled cash flows which have been transferred to reserves on advances and other receivables. The negative modeled cash flows relate to advances and other receivables associated with inactive and liquidated loans that are no longer part of the MSR portfolio. The impact of negative modeled cash flows was $6 and $8 for the three months ended June 30, 2022 and 2021 and $12 and $20 for the six months ended June 30, 2022 and 2021, respectively. (3) Amortization is net of excess spread accretion of $27 and $70 during the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, amortization is net of excess spread accretion of $60 and $146, respectively. (4) Other represents the excess servicing fee that the Company pays to the counterparties under the excess spread financing arrangements, portfolio runoff and the payments made associated with MSR financing arrangements.

Advances and Other Receivables

Advances and Other Receivables	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Advances and Other Receivables	4. Advances and Other Receivables Advances and other receivables, net, consists of the following: Advances and Other Receivables, Net June 30, 2022 December 31, 2021 Servicing advances, net of $14 and $19 purchase discount, respectively $ 915 $ 1,263 Receivables from agencies, investors and prior servicers, net of $8 and $12 purchase discount, respectively 127 132 Reserves (150) (167) Total advances and other receivables, net $ 892 $ 1,228 The following table sets forth the activities of the servicing reserves for advances and other receivables: Three Months Ended June 30, Six Months Ended June 30, Reserves for Advances and Other Receivables 2022 2021 2022 2021 Balance - beginning of period $ 152 $ 206 $ 167 $ 208 Provision and other additions (1) 18 26 34 41 Write-offs (20) (41) (51) (58) Balance - end of period $ 150 $ 191 $ 150 $ 191 (1) The Company recorded a provis ion of $6 and $8 through the MTM adjustments in revenues - service related, net, in the condensed consolidated statements of operations during the three months ended June 30, 2022 and 2021, respectively, and $12 and $20 during the six months ended June 30, 2022 and 2021, respectively, for inactive and liquidated l oans that are no longer part of the MSR portfolio. Other additions represent reclassifications of required reserves provisioned within other balance sheet accounts as associated serviced loans become inactive or liquidate. Purchase Discount for Advances and Other Receivables The following tables set forth the activities of the purchase discounts for advances and other receivables: Three Months Ended June 30, 2022 2021 Purchase Discount for Advances and Other Receivables Servicing Advances Receivables from Agencies, Investors and Prior Servicers Servicing Advances Receivables from Agencies, Investors and Prior Servicers Balance - beginning of period $ 16 $ 8 $ 63 $ 20 Utilization of purchase discounts (2) — (37) — Balance - end of period $ 14 $ 8 $ 26 $ 20 Six Months Ended June 30, 2022 2021 Purchase Discount for Advances and Other Receivables Servicing Advances Receivables from Agencies, Investors and Prior Servicers Servicing Advances Receivables from Agencies, Investors and Prior Servicers Balance - beginning of period $ 19 $ 12 $ 72 $ 21 Utilization of purchase discounts (5) (4) (46) (1) Balance - end of period $ 14 $ 8 $ 26 $ 20 Credit Loss for Advances and Other Receivables During the three and six months ended June 30, 2022, the Company increased the current expected credit loss (“CECL”) reserve by $3 and $7, respectively. During the three and six months ended June 30, 2021, the Company increased the CECL reserve by $3 and $4, respectively. In addition, the Company had no write-offs during the three months ended June 30, 2022 and wrote off $5 of the CECL reserve during the six months ended June 30, 2022. As of June 30, 2022, the total CECL reserve was $33, of which $25 and $8 were recorded in reserves and purchase discount for advances and other receivables, respectively. As of June 30, 2021 , the total CECL reserve was $42, of which $25 and $17 were recorded in reserves and purchase discount for advances and other receivables, respectively. The Company determined that the credit-related risk associated with applicable financial instruments typically increase with the passage of time. The CECL reserve methodology considers these financial instruments collectible to a point in time of 39 months. Any projected remaining balance at the end of the collection period is considered a loss and factors into the overall CECL loss rate required.

Mortgage Loans Held for Sale

Mortgage Loans Held for Sale	6 Months Ended
	Jun. 30, 2022
Mortgage Loans Held for Sale and Investment [Abstract]
Mortgage Loans Held for Sale	5. Mortgage Loans Held for Sale Mortgage loans held for sale are recorded at fair value as set forth below: Mortgage Loans Held for Sale June 30, 2022 December 31, 2021 Mortgage loans held for sale – UPB $ 2,098 $ 4,257 Mark-to-market adjustment (1) (26) 124 Total mortgage loans held for sale $ 2,072 $ 4,381 (1) The mark-to-market adjustment includes net change in unrealized gain/loss, premium on correspondent loans and fees on direct-to-consumer loans. The mark-to-market adjustment is recorded in net gain on mortgage loans held for sale in the condensed consolidated statements of operations. The following table sets forth the activities of mortgage loans held for sale: Six Months Ended June 30, Mortgage Loans Held for Sale 2022 2021 Balance - beginning of period $ 4,381 $ 5,720 Loans sold (24,251) (52,128) Mortgage loans originated and purchased, net of fees 19,370 47,560 Repurchase of loans out of Ginnie Mae securitizations 2,686 5,812 Net change in unrealized loss on retained loans held for sale (115) (5) Net transfers of mortgage loans held for sale (1) 1 2 Balance - end of period $ 2,072 $ 6,961 (1) Amount reflects transfers to other assets for loans transitioning into REO status and transfers to advances and other receivables, net, for claims made on certain government insurance mortgage loans. Transfers out are net of transfers in upon receipt of proceeds from an REO sale or claim filing. During the six months ended June 30, 2022 and 2021, the Company rece ived proceeds of $24,510 and $52,923, respectively, on the sale of mortgage loans held for sale, resulting in gains of $259 and $795, respectively. The total UPB and fair value of mortgage loans held for sale on non-accrual status was as follows: June 30, 2022 December 31, 2021 Mortgage Loans Held for Sale UPB Fair Value UPB Fair Value Non-accrual (1) $ 113 $ 103 $ 104 $ 94 (1) Non-accrual UPB includes $103 and $94 of UPB related to Ginnie Mae repurchased loans as of June 30, 2022 and December 31, 2021, respectively. The total UPB of mortgage loans held for sale for which the Company has begun formal foreclosure proceedings was $46 an d $16 as of June 30, 2022 and December 31, 2021, respectively.

Loans Subject to Repurchase fro

Loans Subject to Repurchase from Ginnie Mae	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Loans Subject to Repurchase from Ginnie Mae	6. Loans Subject to Repurchase from Ginnie Mae Forward loans are sold to Ginnie Mae in conjunction with the issuance of mortgage backed securities. The Company, as the issuer of the mortgage backed securities, has the unilateral right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets certain criteria, including payments not being received from borrowers for greater than 90 days. Once the Company has the unilateral right to repurchase a delinquent loan, it has effectively regained control over the loan and recognizes these rights to the loan on its condensed consolidated balance sheets and establishes a corresponding repur chase liability regardless of the Company’s intention to repurchase the loan. The Company had loans subject to repurchase from Ginnie Mae of $1,400 and $1,496 as of June 30, 2022 and December 31, 2021, respectively, which are included in both other assets and payables and other liabilities in the condensed consolidated balance sheets . Loans subject to repurchase from Ginnie Mae as of June 30, 2022 and December 31, 2021 includ e $1,241 and $1,301 loans in forbearance related to the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), respectively, whereby no payments have been received from borrowers for greater than 90 days.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7. Goodwill and Intangible Assets The Company had goodwill of $120 as of June 30, 2022 and December 31, 2021, and intangible assets of $11 and $14

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	8. Derivative Financial Instruments Derivative instruments are used as part of the overall strategy to manage exposure to market risks primarily associated with fluctuations in interest rates related to the Originations and Servicing segments. Derivative instruments utilized by the Company primarily include interest rate lock commitments (“IRLCs”), loan purchase commitments (“LPCs”), forward Mortgage Backed Securities (“MBS”) purchase commitments, Eurodollar and Treasury futures and interest rate swap futures. The changes in value on the derivative instruments associated with hedging loans held for sale fair value are recorded in earnings as a component of net gain on mortgage loans held for sale on the condensed consolidated statements of operations and condensed consolidated statement of cash flows, while changes in the value of derivative instruments associated with the MSR portfolio fair value are recorded in service related, net on the condensed consolidated statements of operations and in changes in other assets or other liabilities on the condensed consolidated statements of cash flows. The following tables provide the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments. Gains(losses) include both realized and unrealized gains (losses) of each derivative financial instrument. June 30, 2022 Six Months Ended June 30, 2022 Derivative Financial Instruments Expiration Outstanding Fair Gains/(Losses) Assets Mortgage loans held for sale Loan sale commitments 2022 $ 246 $ 8 $ (17) Derivative financial instruments IRLCs 2022 2,103 62 (72) LPCs 2022 325 3 — Treasury futures 2022 30 — 3 Forward MBS trades 2022 1,798 12 429 Total derivative financial instruments - assets $ 4,256 $ 77 $ 360 Liabilities Derivative financial instruments IRLCs 2022 $ 56 $ 1 $ (1) LPCs 2022 186 1 1 Treasury futures 2022 902 18 (185) Forward MBS trades 2022 1,716 13 (31) Total derivative financial instruments - liabilities $ 2,860 $ 33 $ (216) June 30, 2021 Six Months Ended June 30, 2021 Derivative Financial Instruments Expiration Outstanding Fair Gains/(Losses) Assets Mortgage loans held for sale Loan sale commitments 2021 $ 1,514 $ 39 $ (63) Derivative financial instruments IRLCs 2021 6,730 204 (210) LPCs 2021 1,984 10 (29) Forward MBS trades 2021 9,749 27 271 Swap futures 2021 60 — 1 Total derivative financial instruments - assets $ 18,523 $ 241 $ 33 Liabilities Derivative financial instruments IRLCs 2021 $ 9 $ — $ — LPCs 2021 708 1 (1) Forward MBS trades 2021 11,747 25 (126) Swap futures 2021 — — (4) Total derivative financial instruments - liabilities $ 12,464 $ 26 $ (131)

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Indebtedness	9. Indebtedness Advance and Warehouse Facilities June 30, 2022 December 31, 2021 Maturity Date Collateral Capacity Amount Outstanding Collateral Pledged Outstanding Collateral Pledged Advance Facilities $400 advance facility (1) August 2023 Servicing advance receivables $ 400 $ 173 $ 243 $ 234 $ 318 $350 advance facility October 2022 Servicing advance receivables 350 156 186 160 197 $350 advance facility January 2023 Servicing advance receivables 350 145 172 162 190 $75 advance facility December 2022 Servicing advance receivables 75 49 70 58 89 Advance facilities principal amount 523 671 614 794 Warehouse Facilities $4,000 warehouse facility February 2023 Mortgage loans or MBS 4,000 661 771 1,224 1,341 $2,500 warehouse facility October 2022 Mortgage loans or MBS 2,500 532 550 991 1,024 $1,500 warehouse facility June 2023 Mortgage loans or MBS 1,500 180 180 356 345 $750 warehouse facility October 2022 Mortgage loans or MBS 750 241 253 256 270 $600 warehouse facility (2) September 2023 Mortgage loans or MBS 600 91 101 409 425 $500 warehouse facility June 2023 Mortgage loans or MBS 500 9 10 188 194 $500 warehouse facility September 2022 Mortgage loans or MBS 500 117 120 419 430 $500 warehouse facility June 2023 Mortgage loans or MBS 500 57 68 39 39 $500 warehouse facility August 2023 Mortgage loans or MBS 500 31 32 38 39 $450 warehouse facility April 2023 Mortgage loans or MBS 450 — — 87 89 $325 warehouse facility December 2022 Mortgage loans or MBS 325 1 1 67 67 $250 warehouse facility (3) April 2023 Mortgage loans or MBS 250 — — 5 6 $200 warehouse facility April 2023 Mortgage loans or MBS 200 19 25 46 58 $30 warehouse facility (4) January 2022 Mortgage loans or MBS — — — — — Warehouse facilities principal amount 1,939 2,111 4,125 4,327 MSR Facilities $800 warehouse facility (1)(5) August 2023 MSR 800 260 2,008 260 1,107 $600 warehouse facility (6) April 2023 MSR 600 400 883 — 838 $400 warehouse facility (2) September 2023 MSR 400 65 1,376 — 745 $400 warehouse facility June 2024 MSR 400 200 710 — — $50 warehouse facility November 2023 MSR 50 25 77 10 124 MSR facilities principal amount 950 5,054 270 2,814 Advance, warehouse and MSR facilities principal amount 3,412 $ 7,836 5,009 $ 7,935 Unamortized debt issuance costs (5) (12) Advance and warehouse facilities, net $ 3,407 $ 4,997 (1) Total capacity for this facility is $1,200, of which $400 is internally allocated for advance financing and $800 is internally allocated for MSR financing; capacity is fully fungible and is not restricted by these allocations, in comparison to $1,200, $940, and $260 respectively in 2021. (2) The capacity amount for this facility is $1,000, of which $400 is a sublimit for MSR financing. (3) The capacity amount for this warehouse facility decreased from $600 to $250 in 2022. (4) This facility was terminated in January 2022. (5) The capacity amount for this warehouse facility increased from $260 to $800 in 2022. (6) The capacity amount for this warehouse facility increased from $400 to $600 in 2022. The weighted average interest rate for advance facilities was 3.1% and 3.4% for the three months ended June 30, 2022 and 2021, respectively, and 2.8% and 3.2% for the six months ended June 30, 2022 and 2021, respectively. The weighted average interest rate for warehouse and MSR facilities was 3.1% and 2.1% for three months ended June 30, 2022 and 2021, respectively, and 2.6% and 2.2% for the six months ended June 30, 2022 and 2021, respectively. Unsecured Senior Notes Unsecured senior notes consist of the following: Unsecured Senior Notes June 30, 2022 December 31, 2021 $850 face value, 5.500% interest rate payable semi-annually, due August 2028 $ 850 $ 850 $650 face value, 5.125% interest rate payable semi-annually, due December 2030 650 650 $600 face value, 6.000% interest rate payable semi-annually, due January 2027 600 600 $600 face value, 5.750% interest rate payable semi-annually, due November 2031 600 600 Unsecured senior notes principal amount 2,700 2,700 Unamortized debt issuance costs (28) (30) Unsecured senior notes, net $ 2,672 $ 2,670 The indentures provide that on or before certain fixed dates, the Company may redeem up to 40% of the aggregate principal amount of the unsecured senior notes with the net proceeds of certain equity offerings at fixed redemption prices, plus accrued and unpaid interest, to the redemption dates, subject to compliance with certain conditions. In addition, the Company may redeem all or a portion of the unsecured senior notes at any time on or after certain fixed dates at the applicable redemption prices set forth in the indentures plus accrued and unpaid interest, to the redemption dates. No n otes were repurchased or redeemed during th e six months ended June 30, 2022 and 2021. As of June 30, 2022, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows: Year Ending December 31, Amount 2022 through 2026 $ — Thereafter 2,700 Total unsecured senior notes principal amount $ 2,700 Interest Expense Interest expense primarily includes interest incurred on advance and warehouse facilities, unsecured senior notes, excess spread financing and compensating bank balances, as well as bank fees. The Company incurred interest expense related to advance and warehouse facilities, unsecured senior notes and excess spread financing of $90 and $176 for the three and six months ended June 30, 2022, respectively, and $90 and $183 f or the three and six months ended June 30, 2021, respectively. Financial Covenants The Company’s credit facilities contain various financial covenants which primarily relate to required tangible net worth amounts, liquidity reserves, leverage requirements, and profitability requirements, which are measured at the Company’s operating subsidiary, Nationstar Mortgage LLC. The Company was in compliance with its required financial covenants as of June 30, 2022.

Securitizations and Financings

Securitizations and Financings	6 Months Ended
	Jun. 30, 2022
Variable Interest Entities and Securitizations [Abstract]
Securitizations and Financings	10. Securitizations and Financings Variable Interest Entities In the normal course of business, the Company enters into various types of on- and off-balance sheet transactions with special purpose entities (“SPEs”) determined to be VIEs, which primarily consist of securitization trusts established for a limited purpose. Generally, these SPEs are formed for the purpose of securitization transactions in which the Company transfers assets to an SPE, which then issues to investors various forms of debt obligations supported by those assets. The Company has determined that the SPEs created in connection with certain advance facilities trusts should be consolidated as the Company is the primary beneficiary of each of these entities. A summary of the assets and liabilities of the Company’s transactions with VIEs included in the Company’s condensed consolidated balance sheets is presented below: June 30, 2022 December 31, 2021 Consolidated Transactions with VIEs Transfers Transfers Assets Restricted cash $ 45 $ 50 Advances and other receivables, net 358 387 Total assets $ 403 $ 437 Liabilities Advance facilities, net (1) $ 301 $ 322 Payables and other liabilities — 1 Total liabilities $ 301 $ 323 (1) Refer to advance facilities in Note 9, Indebtedness , for additional information. The following table shows a summary of the outstanding collateral and certificate balances for securitization trusts for which the Company was the transferor, including any retained beneficial interests and MSRs, that were not consolidated by the Company: Unconsolidated Securitization Trusts June 30, 2022 December 31, 2021 Total collateral balances - UPB $ 1,034 $ 1,122 Total certificate balances $ 1,012 $ 1,112 The Company has not retained any variable interests in the unconsolidated securitization trusts that were outstanding as of June 30, 2022 and December 31, 2021. Therefore, it does not have a significant maximum exposure to loss related to these unconsolidated VIEs. A summary of mortgage loans transferred by the Company to unconsolidated securitization trusts that are 60 days or more past due are presented below: Principal Amount of Transferred Loans 60 Days or More Past Due June 30, 2022 December 31, 2021 Unconsolidated securitization trusts $ 127 $ 138

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	11. Earnings Per Share The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. The Series A Preferred Stock is considered participating securities because it has dividend rights determined on an as-converted basis in the event of Company’s declaration of a dividend or distribution for common shares. I n 2021, the Company repurchased a total of 14.8 million shares of its common stock from affiliates of Kohlberg Kravis Roberts & Co. L.P. (“KKR”), a related party of the Company. In addition, in August 2021, the Company repurchased 1.0 million shares of its preferred stock from affiliates of KKR. After giving effect to these transactions, KKR no longer held any equity interests in the Company. The following table sets forth the computation of basic and diluted net income per common share (amounts in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, Computation of Earnings Per Share 2022 2021 2022 2021 Net income from continuing operations $ 151 $ 427 $ 809 $ 986 Less: Undistributed earnings from continuing operations attributable to participating stockholders — 4 — 9 Net income from continuing operations attributable to Mr. Cooper common stockholders $ 151 $ 423 $ 809 $ 977 Net income from discontinued operations $ — $ 12 $ — $ 14 Less: Undistributed earnings from discontinued operations attributable to participating stockholders — — — — Net income from discontinued operations attributable to Mr. Cooper common stockholders $ — $ 12 $ — $ 14 Net income $ 151 $ 439 $ 809 $ 1,000 Less: Undistributed earnings attributable to participating stockholders — 4 — 9 Net income attributable to common stockholders $ 151 $ 435 $ 809 $ 991 Earnings from continuing operations per common share attributable to Mr. Cooper: Basic $ 2.08 $ 4.91 $ 11.04 $ 11.13 Diluted $ 2.03 $ 4.72 $ 10.74 $ 10.65 Earnings from discontinued operations per common share attributable to Mr. Cooper: Basic $ — $ 0.14 $ — $ 0.16 Diluted $ — $ 0.13 $ — $ 0.15 Earnings per common share attributable to Mr. Cooper: Basic $ 2.08 $ 5.05 $ 11.04 $ 11.29 Diluted $ 2.03 $ 4.85 $ 10.74 $ 10.80 Weighted average shares of common stock outstanding (in thousands): Basic 72,709 86,142 73,278 87,791 Dilutive effect of stock awards 1,618 2,664 2,052 3,123 Dilutive effect of participating securities — 839 — 839 Diluted 74,327 89,645 75,330 91,753

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes For the three and six months ended June 30, 2022, the effective tax rate for continuing operations was 26.0% and 24.4%, respectively, which differed from the statutory federal rate of 21% primarily due to state income taxes and nondeductible executive compensation. The effective tax rate increased during the three and six months ended June 30, 2022 compared to the same period in 2021, primarily due to the impact of quarterly discrete tax items relative to the income before taxes for the respective periods, including the excess tax benefit from stock-based compensation and prior period tax credits.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	13. Fair Value Measurements Fair value is a market-based measurement, not an entity-specific measurement, and should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a three-tiered fair value hierarchy has been established based on the level of observable inputs used in the measurement of fair value (e.g., Level 1 representing quoted prices for identical assets or liabilities in an active market; Level 2 representing values using observable inputs other than quoted prices included within Level 1; and Level 3 representing estimated values based on significant unobservable inputs). There have been no significant changes to the valuation techniques and inputs used by the Company in estimating fair values of Level 2 and Level 3 assets and liabilities as disclosed in the Company’s Annual Reports on Form 10-K for the year ended December 31, 2021. The following tables present the estimated carrying amount and fair value of the Company’s financial instruments and other assets and liabilities measured at fair value on a recurring basis: June 30, 2022 Recurring Fair Value Measurements Fair Value - Recurring Basis Total Fair Value Level 1 Level 2 Level 3 Assets Mortgage loans held for sale $ 2,072 $ — $ 2,072 $ — Mortgage servicing rights 6,151 — — 6,151 Equity securities 59 5 — 54 Derivative financial instruments IRLCs 62 — — 62 LPCs 3 — — 3 Forward MBS trades 12 — 12 — Liabilities Derivative financial instruments IRLCs 1 — — 1 LPCs 1 — — 1 Forward MBS trades 13 — 13 — Treasury futures 18 — 18 — Mortgage servicing rights financing 24 — — 24 Excess spread financing 532 — — 532 December 31, 2021 Recurring Fair Value Measurements Fair Value - Recurring Basis Total Fair Value Level 1 Level 2 Level 3 Assets Mortgage loans held for sale $ 4,381 $ — $ 4,381 $ — Mortgage servicing rights 4,223 — — 4,223 Equity securities 63 9 — 54 Derivative financial instruments IRLCs 134 — — 134 Forward MBS trades 7 — 7 — LPCs 3 — — 3 Liabilities Derivative financial instruments Forward MBS trades 8 — 8 — LPCs 2 — — 2 Swap futures 6 — 6 — Mortgage servicing rights financing 10 — — 10 Excess spread financing 768 — — 768 The tables below present a reconciliation for all of the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis: Six Months Ended June 30, 2022 Assets Liabilities Fair Value - Level 3 Assets and Liabilities Mortgage servicing rights Equity securities IRLCs Excess spread financing Mortgage servicing rights financing Balance - beginning of period $ 4,223 $ 54 $ 134 $ 768 $ 10 Changes in fair value included in earnings 663 — (72) 117 14 Purchases 1,178 — — — — Issuances 360 — — — — Sales (289) — — — — Repayments — — — (292) — Settlements — — — (61) — Other changes 16 — — — — Balance - end of period $ 6,151 $ 54 $ 62 $ 532 $ 24 Six Months Ended June 30, 2021 Assets Liabilities Fair Value - Level 3 Assets and Liabilities Mortgage servicing rights IRLCs Excess spread financing Mortgage servicing rights financing Balance - beginning of period $ 2,703 $ 414 $ 934 $ 33 Changes in fair value included in earnings (190) (210) 14 (12) Purchases 218 — — — Issuances 554 — — — Sales (12) — — — Settlements — — (81) — Other changes 34 — — — Balance - end of period $ 3,307 $ 204 $ 867 $ 21 No transfers were made in or out of Level 3 fair value assets and liabilities for the Company during the six months ended June 30, 2022 and 2021. The tables below present the quantitative information for significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities. June 30, 2022 December 31, 2021 Range Weighted Average Range Weighted Average Level 3 Inputs Min Max Min Max MSR (1) Discount rate 10.4 % 13.7 % 11.3 % 9.5 % 13.7 % 10.9 % Prepayment speed 6.7 % 14.0 % 7.7 % 11.7 % 16.4 % 13.0 % Cost to service per loan (2) $ 58 $ 114 $ 74 $ 59 $ 168 $ 77 Average life (3) 7.9 years 5.8 years IRLCs Value of servicing (reflected as a percentage of loan commitment) — % 4.5 % 1.8 % (0.7) % 2.4 % 1.4 % Excess spread financing (1) Discount rate 10.0 % 13.8 % 11.3 % 9.5 % 13.8 % 11.2 % Prepayment speed 7.4 % 14.0 % 9.7 % 12.8 % 15.2 % 13.4 % Average life (3) 6.5 years 5.4 years Mortgage servicing rights financing Advance financing and counterparty fee rates 4.8 % 8.5 % 7.2 % 4.5 % 7.9 % 6.5 % Annual advance recovery rates 17.7 % 23.4 % 19.0 % 19.2 % 23.0 % 21.3 % (1) The inputs are weighted by investor. (2) Presented in whole dollar amounts. (3) Average life is included for informational purposes. The tables below present a summary of the estimated carrying amount and fair value of the Company’s financial instruments not carried at fair value: June 30, 2022 Carrying Fair Value Financial Instruments Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 514 $ 514 $ — $ — Restricted cash 115 115 — — Advances and other receivables, net 892 — — 892 Loans subject to repurchase from Ginnie Mae 1,400 — 1,400 — Financial liabilities Unsecured senior notes, net 2,672 2,152 — — Advance and warehouse facilities, net 3,407 — 3,412 — Liability for loans subject to repurchase from Ginnie Mae 1,400 — 1,400 — December 31, 2021 Carrying Fair Value Financial Instruments Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 895 $ 895 $ — $ — Restricted cash 146 146 — — Advances and other receivables, net 1,228 — — 1,228 Loans subject to repurchase from Ginnie Mae 1,496 — 1,496 — Financial liabilities Unsecured senior notes, net 2,670 2,737 — — Advance and warehouse facilities, net 4,997 — 5,009 — Liability for loans subject to repurchase from Ginnie Mae 1,496 — 1,496 —

Capital Requirements

Capital Requirements	6 Months Ended
	Jun. 30, 2022
Mortgage Banking [Abstract]
Capital Requirements	14. Capital Requirements Certain of the Company’s secondary market investors require minimum net worth (“capital”) requirements, as specified in the respective selling and servicing agreements. In addition, these investors may require capital ratios in excess of the stated requirements to approve large servicing transfers. To the extent that these requirements are not met, the Company’s secondary market investors may utilize a range of remedies ranging from sanctions, suspension or ultimately termination of the Company’s selling and servicing agreements, which would prohibit the Company from further originating or securitizing these specific types of mortgage loans or being an approved servicer. The Company’s various capital requirements related to its outstanding selling and servicing agreements are measured based on the Company’s operating subsidiary, Nationstar Mortgage LLC. As of June 30, 2022, the Company was in compliance with its selling and servicing capital requirements.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Litigation and Regulatory The Company and its subsidiaries are routinely and currently involved in a significant number of legal proceedings, including, but not limited to, judicial, arbitration, regulatory and governmental proceedings related to matters that arise in connection with the conduct of the Company’s business. The legal proceedings are at varying stages of adjudication, arbitration or investigation and are generally based on alleged violations of consumer protection, securities, employment, contract, tort, common law fraud and other numerous laws, including, without limitation, the Equal Credit Opportunity Act, Fair Debt Collection Practices Act, Fair Credit Reporting Act, Real Estate Settlement Procedures Act, National Housing Act, Homeowners Protection Act, Service Member’s Civil Relief Act, Telephone Consumer Protection Act, Truth in Lending Act, Financial Institutions Reform, Recovery, and Enforcement Act of 1989, unfair, deceptive or abusive acts or practices in violation of the Dodd-Frank Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the Home Mortgage Disclosure Act, Title 11 of the United States Code (aka the “Bankruptcy Code”), False Claims Act and Making Home Affordable loan modification programs. In addition, along with others in its industry, the Company is subject to repurchase and indemnification claims and may continue to receive claims in the future, regarding alleged breaches of representations and warranties relating to the sale of mortgage loans, the placement of mortgage loans into securitization trusts or the servicing of mortgage loans securitizations. The Company is also subject to legal actions or proceedings related to loss sharing and indemnification provisions of its various acquisitions. Certain of the pending or threatened legal proceedings include claims for substantial compensatory, punitive and/ or statutory damages or claims for an indeterminate amount of damages. The Company operates within highly regulated industries on a federal, state and local level. In the normal and ordinary course of its business, the Company is routinely subject to extensive examinations, investigations, subpoenas, inquiries and reviews by various federal, state and local governmental, regulatory and enforcement agencies, including the Consumer Financial Protection Bureau, the Securities and Exchange Commission, the Department of Justice, the Office of the Special Inspector General for the Troubled Asset Relief Program, the U.S. Department of Housing and Urban Development, various State mortgage banking regulators and various State Attorneys General, related to the Company’s residential loan servicing and origination practices, its financial reporting and other aspects of its businesses. Any pending or potential future investigations, subpoenas, examinations or inquiries may lead to administrative, civil or criminal proceedings or settlements, and possibly result in remedies including fines, penalties, restitution, or alterations in the Company’s business practices, and additional expenses and collateral costs. The Company is cooperating fully in these matters. Responding to these matters requires the Company to devote substantial resources, resulting in higher costs and lower net cash flows. Adverse results in any of these matters could further increase the Company’s operating expenses and reduce its revenues, require it to change business practices and limit its ability to grow and otherwise materially and adversely affect its business, reputation, financial condition and results of operation. The Company seeks to resolve all legal proceedings and other matters in the manner management believes is in the best interest of the Company and contests liability, allegations of wrongdoing and, where applicable, the amount of damages or scope of any penalties or other relief sought as appropriate in each pending matter. The Company has entered into agreements with a number of entities and regulatory agencies that toll applicable limitations periods with respect to their claims. On at least a quarterly basis, the Company assesses its liabilities and contingencies in connection with outstanding legal and regulatory and governmental proceedings utilizing the latest information available. Where available information indicates that it is probable a liability has been incurred, and the Company can reasonably estimate the amount of the loss, an accrued liability is established. The actual costs of resolving these proceedings may be substantially higher or lower than the amounts accrued. As a legal 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 both probable and estimable. If, at the time of evaluation, the loss contingency is not both probable and reasonably estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and reasonably estimable. Once the matter is deemed to be both probable and reasonably estimable, the Company will establish an accrued liability and record a corresponding amount to legal-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. The Company recorded legal-related expenses, net of recoveries, which includes legal settlements and the fees paid to external legal service providers, of $10 and $8 for three and six months ended June 30, 2022, respectively, and $8 and $21 for three and six months ended June 30, 2021, respectively, which are included in general and administrative expenses on the unaudited condensed consolidated statements of operations. For matters for which a loss is probable or reasonably possible in future periods, whether in excess of a related accrued liability or where there is no accrued liability, 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 legal matters on an ongoing basis, in conjunction with any outside counsel handling the matter. Management currently believes the aggregate range of reasonably possible loss is $4 to $7 in exce ss of the accrued liability (if any) related to those matters as of June 30, 2022. This estimated range of possible loss i s based upon currently available information and is subject to significant judgment, numerous assumptions and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary substantially from the current estimate. Those matters for which an estimate is not possible are not included within the estimated range. Therefore, this estimated range of possible loss represents what management believes to be an estimate of possible loss only for certain matters meeting these criteria. It does not represent the Company’s maximum loss exposure and the Company cannot provide assurance that its litigations reserves will not need to be adjusted in the future. Thus, the Company’s exposure and ultimate losses may be higher, possibly significantly so, than the amounts accrued or this aggregate amount. In the Company’s experience, legal proceedings are inherently unpredictable. One or more of the following factors frequently contribute to this inherent unpredictability: the proceeding is in its early stages; the damages sought are unspecified, unsupported or uncertain; it is unclear whether a case brought as a class action will be allowed to proceed on that basis or, if permitted to proceed as a class action, how the class will be defined; the other party is seeking relief other than or in addition to compensatory damages (including, in the case of regulatory and governmental investigations and inquiries, the possibility of fines and penalties); the matter presents meaningful legal uncertainties, including novel issues of law; the Company has not engaged in meaningful settlement discussions; discovery has not started or is not complete; there are significant facts in dispute; predicting possible outcomes depends on making assumptions about future decisions of courts or governmental or regulatory bodies or the behavior of other parties; and there are a large number of parties named as defendants (including where it is uncertain how damages or liability, if any, will be shared among multiple defendants). Generally, the less progress that has been made in the proceedings or the broader the range of potential results, the harder it is for the Company to estimate losses or ranges of losses that is reasonably possible the Company could incur. Based on current knowledge, and after consultation with counsel, management believes that the current legal accrued liability within payables and accrued liabilities, is appropriate, and the amount of any incremental liability arising from these matters is not expected to have a material adverse effect on the consolidated financial condition of the Company, although the outcome of such proceedings could be material to the Company’s operating results and cash flows for a particular period depending, on among other things, the level of the Company’s revenues or income for such period. However, in the event of significant developments on existing cases, it is possible that the ultimate resolution, if unfavorable, may be material to the Company’s condensed consolidated financial statements. Other Loss Contingencies As part of the Company’s ongoing operations, it acquires servicing rights of mortgage loan portfolios that are subject to indemnification based on the representations and warranties of the seller. From time to time, the Company will seek recovery under these representations and warranties for incurred costs. The Company believes all balances sought from sellers recorded in advances and other receivables represent valid claims. However, the Company acknowledges that the claims process can be prolonged due to the required time to perfect claims at the loan level. Because of the required time to perfect or remediate these claims, management relies on the sufficiency of documentation supporting the claim, current negotiations with the counterparty and other evidence to evaluate whether a reserve is required for non-recoverable balances. In the absence of successful negotiations with the seller, all amounts claimed may not be recovered. Balances may be written-off and charged against earnings when management identifies amounts where recoverability from the seller is not likely. As of June 30, 2022, the Company believes all recorded balances for which recovery is sought from the seller are valid claims, and no evidence suggests additional reserves are warranted. Loan and Other Commitments The Company enters into IRLCs with prospective borrowers whereby the Company commits to lend a certain loan amount under specific terms and interest rates to the borrower. The Company also enters into LPCs with prospective sellers. These loan commitments are treated as derivatives and are carried at fair value. See Note 8, Derivative Financial Instruments , for more information.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Segment Information	16. Segment Information The Company’s segments are based upon the Company’s organizational structure, which focuses primarily on the services offered. Corporate functional expenses are allocated to individual segments based on the actual cost of services performed, direct resource utilization, estimate of percentage use for shared services or headcount percentage for certain functions. Facility costs are allocated to individual segments based on cost per headcount for specific facilities utilized. Group insurance costs are allocated to individual segments based on global cost per headcount. Non-allocated corporate expenses include the administrative costs of executive management and other corporate functions that are not directly attributable to Company’s operating segments. Revenues generated on inter-segment services performed are valued based on similar services provided to external parties. In the third quarter of 2021, the Company updated its presentation of segments to align with a change in the reporting package provided to the Chief Operating Decision Maker. In 2021, the Company sold its Title business, Valuations business and Field Services business. The Title, Valuations and Field Services businesses were previously reported under the Xome segment. With the sale of the majority of Xome’s operations and the related changes to business structure and internal reporting, the Xome segment is no longer considered a reportable segment. Accordingly, beginning in the third quarter of 2021, the Company began reporting Xome’s financial results within Corporate/Other. Prior year financial information has been adjusted retrospectively to reflect the updated presentation. On December 1, 2021, the Company completed the sale of its reverse servicing portfolio, operating under the Champion Mortgage brand, to MAM and its affiliates. The reverse servicing operation was previously reported in the Company’s Servicing segment. The reverse servicing operation is presented as discontinued operations in Company’s condensed financial statements for all periods presented and, as such, is not included in the continuing operations of the Servicing segment. On March 31, 2022 , the Company c ompleted the sale of its Mortgage Servicing Platform to Sagent and recorded a gain of $223, which was included in other income, net within the condensed statements of operations and reported under Corporate/Other. Refer to Note 2, Dispositions for further details. The following tables present financial information by segment: Three Months Ended June 30, 2022 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 414 $ 24 $ 22 $ 460 Net (loss) gain on mortgage loans held for sale (19) 158 — 139 Total revenues 395 182 22 599 Total expenses 143 126 59 328 Interest income 35 15 — 50 Interest expense (61) (10) (40) (111) Other expense, net — — (5) (5) Total other (expenses) income, net (26) 5 (45) (66) Income (loss) from continuing operations before income tax expense (benefit) $ 226 $ 61 $ (82) $ 205 Depreciation and amortization for property and equipment and intangible assets from continuing operations $ 5 $ 5 $ (1) $ 9 Total assets $ 9,645 $ 1,381 $ 1,869 $ 12,895 Three Months Ended June 30, 2021 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ (92) $ 45 $ 39 $ (8) Net gain on mortgage loans held for sale 197 385 — 582 Total revenues 105 430 39 574 Total expenses 121 226 78 425 Interest income 25 26 — 51 Interest expense (65) (23) (31) (119) Other income, net — — 486 486 Total other (expenses) income, net (40) 3 455 418 (Loss) income from continuing operations before income tax (benefit) expense $ (56) $ 207 $ 416 $ 567 Depreciation and amortization for property and equipment and intangible assets from continuing operations $ 7 $ 6 $ 3 $ 16 Total assets $ 15,973 $ 4,582 $ 2,753 $ 23,308 Six Months Ended June 30, 2022 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 1,115 $ 66 $ 34 $ 1,215 Net (loss) gain on mortgage loans held for sale (4) 440 — 436 Total revenues 1,111 506 34 1,651 Total expenses 266 300 100 666 Interest income 54 32 — 86 Interest expense (115) (22) (80) (217) Other income, net — — 217 217 Total other (expenses) income, net (61) 10 137 86 Income from continuing operations before income tax expense $ 784 $ 216 $ 71 $ 1,071 Depreciation and amortization for property and equipment and intangible assets from continuing operations $ 10 $ 9 $ 1 $ 20 Total assets $ 9,645 $ 1,381 $ 1,869 $ 12,895 Six Months Ended June 30, 2021 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 349 $ 88 $ 135 $ 572 Net gain on mortgage loans held for sale 324 937 — 1,261 Total revenues 673 1,025 135 1,833 Total expenses 231 457 191 879 Interest income 48 49 — 97 Interest expense (136) (48) (61) (245) Other income, net — — 486 486 Total other (expenses) income, net (88) 1 425 338 Income from continuing operations before income tax expense $ 354 $ 569 $ 369 $ 1,292 Depreciation and amortization for property and equipment and intangible assets from continuing operations $ 12 $ 10 $ 9 $ 31 Total assets $ 15,973 $ 4,582 $ 2,753 $ 23,308

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of Presentation The interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Reports on Form 10-K for the year ended December 31, 2021.
Share-based Payment Arrangement	.Share-based compensation for restricted stock units granted to employees of the Company, consultants, and non-employee directors is based on the fair market value of the Company’s common stock on the grant date and recognized as an expense over the requisite employee service period on a straight-line basis using an accelerated attribution model. Shares for these awards are issued to employees from treasury stock.
Basis of consolidation	Basis of ConsolidationThe condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, other entities in which the Company has a controlling financial interest and those variable interest entities (“VIE”) where the Company’s wholly-owned subsidiaries are the primary beneficiaries. Assets and liabilities of VIEs and their respective results of operations are consolidated from the date that the Company became the primary beneficiary through the date the Company ceases to be the primary beneficiary. The Company applies the equity method of accounting to investments where it is able to exercise significant influence, but not control, over the policies and procedures of the entity and owns less than 50% of the voting interests. These investments are initially measured at cost and subsequently adjusted for Company’s proportionate share of earnings and losses in the investee. Investments in certain companies over which the Company does not exert significant influence are recorded at fair value, or at cost upon election of measurement alternative, at the end of each reporting period. Intercompany balances and transactions on consolidated entities have been eliminated.
Use of estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates due to factors such as adverse changes in the economy, macro-economic uncertainty, changes in interest rates, secondary market pricing for loans held for sale and derivatives, strength of underwriting and servicing practices, changes in prepayment assumptions, declines in home prices or discrete events adversely affecting specific borrowers and such differences could be material.
Reclassification	Reclassifications Certain reclassifications have been made in the 2021 condensed consolidated statement of cash flows to conform to 2022 presentation. Such reclassifications were not material and did not affect total revenues or net income.
Recent accounting guidance adopted	Recent Accounting Guidance Adopted

Discontinued Operations and D_2

Discontinued Operations and Disposal Groups (Tables)	6 Months Ended
	Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table sets forth the condensed consolidated statements of operations data for discontinued operations for the three and six months ended June 30, 2021: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Revenue - service related, net $ 1 $ 9 Salaries, wages and benefits expense (8) (16) General and administrative expense 71 64 Interest income 43 87 Interest expense (30) (64) Loss on classification as discontinued operations (61) (61) Income from discontinued operations before income tax expense 16 19 Less: Income tax expense 4 5 Net income from discontinued operations $ 12 $ 14

Mortgage Servicing Rights and_2

Mortgage Servicing Rights and Related Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Transfers and Servicing [Abstract]
Schedule of servicing assets at fair value	The following table sets forth the carrying value of the Company’s mortgage servicing rights (“MSRs”) and the related liabilities. In estimating the fair value of all mortgage servicing rights and related liabilities, the impact of the current environment was considered in the determination of key assumptions. MSRs and Related Liabilities June 30, 2022 December 31, 2021 MSRs - fair value $ 6,151 $ 4,223 Excess spread financing - fair value $ 532 $ 768 Mortgage servicing rights financing - fair value 24 10 MSR related liabilities - nonrecourse at fair value $ 556 $ 778 The following table sets forth the activities of MSRs: Six Months Ended June 30, MSRs - Fair Value 2022 2021 Fair value - beginning of period $ 4,223 $ 2,703 Additions: Servicing retained from mortgage loans sold 360 554 Purchases of servicing rights 1,178 218 Dispositions: Sales of servicing assets (289) (12) Changes in fair value: Changes in valuation inputs or assumptions used in the valuation model (MSR MTM) 1,124 321 Changes in valuation due to amortization (461) (511) Other changes 16 34 Fair value - end of period $ 6,151 $ 3,307 The following table provides a breakdown of UPB and fair value for the Company’s MSRs: June 30, 2022 December 31, 2021 MSRs - UPB and Fair Value Breakdown UPB Fair Value UPB Fair Value Investor Pools Agency $ 364,436 $ 5,806 $ 302,851 $ 3,859 Non-agency 32,951 345 36,357 364 Total $ 397,387 $ 6,151 $ 339,208 $ 4,223
Schedule of sensitivity analysis of fair value, transferor's interests in transferred financial assets	The following table shows the hypothetical effect on the fair value of the Company’s MSRs when applying certain unfavorable variations of key assumptions to these assets for the dates indicated: Discount Rate Total Prepayment Speeds Cost to Service per Loan MSRs - Hypothetical Sensitivities 100 bps Adverse Change 200 bps Adverse Change 10% Adverse Change 20% Adverse Change 10% Adverse Change 20% Adverse Change June 30, 2022 Mortgage servicing rights $ (258) $ (495) $ (150) $ (293) $ (66) $ (132) December 31, 2021 Mortgage servicing rights $ (141) $ (272) $ (148) $ (286) $ (46) $ (93) The following table shows the hypothetical effect on the Company’s excess spread financing fair value when applying certain unfavorable variations of key assumptions to these liabilities for the dates indicated: Discount Rate Prepayment Speeds Excess Spread Financing - Hypothetical Sensitivities 100 bps Adverse Change 200 bps Adverse Change 10% Adverse Change 20% Adverse Change June 30, 2022 Excess spread financing $ 20 $ 42 $ 13 $ 26 December 31, 2021 Excess spread financing $ 26 $ 54 $ 28 $ 58
Schedule of fees earned in exchange for servicing financial assets	The following table sets forth the items comprising total revenues for the Servicing segment: Three Months Ended June 30, Six Months Ended June 30, Total Revenues - Servicing 2022 2021 2022 2021 Contractually specified servicing fees (1) $ 378 $ 275 $ 705 $ 551 Other service-related income (1) 20 214 68 359 Incentive and modification income (1) 9 14 18 28 Late fees (1) 19 16 38 34 Mark-to-market adjustments (2) 200 (140) 753 225 Amortization, net of accretion (3) (199) (198) (401) (365) Other (4) (32) (76) (70) (159) Total revenues - Servicing $ 395 $ 105 $ 1,111 $ 673 (1) The Company recognizes revenue on an earned basis for services performed. Amounts include subservicing related revenues. (2) Mark-to-market (“MTM”) adjustments include fair value adjustments on MSR, excess spread financing and MSR financing liabilities. The amount of MSR MTM includes the impact of negative modeled cash flows which have been transferred to reserves on advances and other receivables. The negative modeled cash flows relate to advances and other receivables associated with inactive and liquidated loans that are no longer part of the MSR portfolio. The impact of negative modeled cash flows was $6 and $8 for the three months ended June 30, 2022 and 2021 and $12 and $20 for the six months ended June 30, 2022 and 2021, respectively. (3) Amortization is net of excess spread accretion of $27 and $70 during the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, amortization is net of excess spread accretion of $60 and $146, respectively. (4) Other represents the excess servicing fee that the Company pays to the counterparties under the excess spread financing arrangements, portfolio runoff and the payments made associated with MSR financing arrangements.

Advances and Other Receivables

Advances and Other Receivables (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Schedule of accounts receivable	Advances and other receivables, net, consists of the following: Advances and Other Receivables, Net June 30, 2022 December 31, 2021 Servicing advances, net of $14 and $19 purchase discount, respectively $ 915 $ 1,263 Receivables from agencies, investors and prior servicers, net of $8 and $12 purchase discount, respectively 127 132 Reserves (150) (167) Total advances and other receivables, net $ 892 $ 1,228 The following table sets forth the activities of the servicing reserves for advances and other receivables: Three Months Ended June 30, Six Months Ended June 30, Reserves for Advances and Other Receivables 2022 2021 2022 2021 Balance - beginning of period $ 152 $ 206 $ 167 $ 208 Provision and other additions (1) 18 26 34 41 Write-offs (20) (41) (51) (58) Balance - end of period $ 150 $ 191 $ 150 $ 191 (1) The Company recorded a provis ion of $6 and $8 through the MTM adjustments in revenues - service related, net, in the condensed consolidated statements of operations during the three months ended June 30, 2022 and 2021, respectively, and $12 and $20 during the six months ended June 30, 2022 and 2021, respectively, for inactive and liquidated l oans that are no longer part of the MSR portfolio. Other additions represent reclassifications of required reserves provisioned within other balance sheet accounts as associated serviced loans become inactive or liquidate. The following tables set forth the activities of the purchase discounts for advances and other receivables: Three Months Ended June 30, 2022 2021 Purchase Discount for Advances and Other Receivables Servicing Advances Receivables from Agencies, Investors and Prior Servicers Servicing Advances Receivables from Agencies, Investors and Prior Servicers Balance - beginning of period $ 16 $ 8 $ 63 $ 20 Utilization of purchase discounts (2) — (37) — Balance - end of period $ 14 $ 8 $ 26 $ 20 Six Months Ended June 30, 2022 2021 Purchase Discount for Advances and Other Receivables Servicing Advances Receivables from Agencies, Investors and Prior Servicers Servicing Advances Receivables from Agencies, Investors and Prior Servicers Balance - beginning of period $ 19 $ 12 $ 72 $ 21 Utilization of purchase discounts (5) (4) (46) (1) Balance - end of period $ 14 $ 8 $ 26 $ 20

Mortgage Loans Held for Sale (T

Mortgage Loans Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2022
Mortgage Loans Held for Sale and Investment [Abstract]
Schedule of mortgage loans held-for-sale	Mortgage loans held for sale are recorded at fair value as set forth below: Mortgage Loans Held for Sale June 30, 2022 December 31, 2021 Mortgage loans held for sale – UPB $ 2,098 $ 4,257 Mark-to-market adjustment (1) (26) 124 Total mortgage loans held for sale $ 2,072 $ 4,381 (1) The mark-to-market adjustment includes net change in unrealized gain/loss, premium on correspondent loans and fees on direct-to-consumer loans. The mark-to-market adjustment is recorded in net gain on mortgage loans held for sale in the condensed consolidated statements of operations. The following table sets forth the activities of mortgage loans held for sale: Six Months Ended June 30, Mortgage Loans Held for Sale 2022 2021 Balance - beginning of period $ 4,381 $ 5,720 Loans sold (24,251) (52,128) Mortgage loans originated and purchased, net of fees 19,370 47,560 Repurchase of loans out of Ginnie Mae securitizations 2,686 5,812 Net change in unrealized loss on retained loans held for sale (115) (5) Net transfers of mortgage loans held for sale (1) 1 2 Balance - end of period $ 2,072 $ 6,961 (1) Amount reflects transfers to other assets for loans transitioning into REO status and transfers to advances and other receivables, net, for claims made on certain government insurance mortgage loans. Transfers out are net of transfers in upon receipt of proceeds from an REO sale or claim filing. The total UPB and fair value of mortgage loans held for sale on non-accrual status was as follows: June 30, 2022 December 31, 2021 Mortgage Loans Held for Sale UPB Fair Value UPB Fair Value Non-accrual (1) $ 113 $ 103 $ 104 $ 94 (1) Non-accrual UPB includes $103 and $94 of UPB related to Ginnie Mae repurchased loans as of June 30, 2022 and December 31, 2021, respectively.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments	The following tables provide the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments. Gains(losses) include both realized and unrealized gains (losses) of each derivative financial instrument. June 30, 2022 Six Months Ended June 30, 2022 Derivative Financial Instruments Expiration Outstanding Fair Gains/(Losses) Assets Mortgage loans held for sale Loan sale commitments 2022 $ 246 $ 8 $ (17) Derivative financial instruments IRLCs 2022 2,103 62 (72) LPCs 2022 325 3 — Treasury futures 2022 30 — 3 Forward MBS trades 2022 1,798 12 429 Total derivative financial instruments - assets $ 4,256 $ 77 $ 360 Liabilities Derivative financial instruments IRLCs 2022 $ 56 $ 1 $ (1) LPCs 2022 186 1 1 Treasury futures 2022 902 18 (185) Forward MBS trades 2022 1,716 13 (31) Total derivative financial instruments - liabilities $ 2,860 $ 33 $ (216) June 30, 2021 Six Months Ended June 30, 2021 Derivative Financial Instruments Expiration Outstanding Fair Gains/(Losses) Assets Mortgage loans held for sale Loan sale commitments 2021 $ 1,514 $ 39 $ (63) Derivative financial instruments IRLCs 2021 6,730 204 (210) LPCs 2021 1,984 10 (29) Forward MBS trades 2021 9,749 27 271 Swap futures 2021 60 — 1 Total derivative financial instruments - assets $ 18,523 $ 241 $ 33 Liabilities Derivative financial instruments IRLCs 2021 $ 9 $ — $ — LPCs 2021 708 1 (1) Forward MBS trades 2021 11,747 25 (126) Swap futures 2021 — — (4) Total derivative financial instruments - liabilities $ 12,464 $ 26 $ (131)

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of unsecured senior notes	Unsecured senior notes consist of the following: Unsecured Senior Notes June 30, 2022 December 31, 2021 $850 face value, 5.500% interest rate payable semi-annually, due August 2028 $ 850 $ 850 $650 face value, 5.125% interest rate payable semi-annually, due December 2030 650 650 $600 face value, 6.000% interest rate payable semi-annually, due January 2027 600 600 $600 face value, 5.750% interest rate payable semi-annually, due November 2031 600 600 Unsecured senior notes principal amount 2,700 2,700 Unamortized debt issuance costs (28) (30) Unsecured senior notes, net $ 2,672 $ 2,670
Schedule of maturities of long-term debt	As of June 30, 2022, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows: Year Ending December 31, Amount 2022 through 2026 $ — Thereafter 2,700 Total unsecured senior notes principal amount $ 2,700

Securitizations and Financings

Securitizations and Financings (Tables)	6 Months Ended
	Jun. 30, 2022
Variable Interest Entities and Securitizations [Abstract]
Schedule of assets and liabilities of VIEs included in financial statements	A summary of the assets and liabilities of the Company’s transactions with VIEs included in the Company’s condensed consolidated balance sheets is presented below: June 30, 2022 December 31, 2021 Consolidated Transactions with VIEs Transfers Transfers Assets Restricted cash $ 45 $ 50 Advances and other receivables, net 358 387 Total assets $ 403 $ 437 Liabilities Advance facilities, net (1) $ 301 $ 322 Payables and other liabilities — 1 Total liabilities $ 301 $ 323 (1) Refer to advance facilities in Note 9, Indebtedness , for additional information. The following table shows a summary of the outstanding collateral and certificate balances for securitization trusts for which the Company was the transferor, including any retained beneficial interests and MSRs, that were not consolidated by the Company: Unconsolidated Securitization Trusts June 30, 2022 December 31, 2021 Total collateral balances - UPB $ 1,034 $ 1,122 Total certificate balances $ 1,012 $ 1,112 A summary of mortgage loans transferred by the Company to unconsolidated securitization trusts that are 60 days or more past due are presented below: Principal Amount of Transferred Loans 60 Days or More Past Due June 30, 2022 December 31, 2021 Unconsolidated securitization trusts $ 127 $ 138

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of earnings per share	The following table sets forth the computation of basic and diluted net income per common share (amounts in millions, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, Computation of Earnings Per Share 2022 2021 2022 2021 Net income from continuing operations $ 151 $ 427 $ 809 $ 986 Less: Undistributed earnings from continuing operations attributable to participating stockholders — 4 — 9 Net income from continuing operations attributable to Mr. Cooper common stockholders $ 151 $ 423 $ 809 $ 977 Net income from discontinued operations $ — $ 12 $ — $ 14 Less: Undistributed earnings from discontinued operations attributable to participating stockholders — — — — Net income from discontinued operations attributable to Mr. Cooper common stockholders $ — $ 12 $ — $ 14 Net income $ 151 $ 439 $ 809 $ 1,000 Less: Undistributed earnings attributable to participating stockholders — 4 — 9 Net income attributable to common stockholders $ 151 $ 435 $ 809 $ 991 Earnings from continuing operations per common share attributable to Mr. Cooper: Basic $ 2.08 $ 4.91 $ 11.04 $ 11.13 Diluted $ 2.03 $ 4.72 $ 10.74 $ 10.65 Earnings from discontinued operations per common share attributable to Mr. Cooper: Basic $ — $ 0.14 $ — $ 0.16 Diluted $ — $ 0.13 $ — $ 0.15 Earnings per common share attributable to Mr. Cooper: Basic $ 2.08 $ 5.05 $ 11.04 $ 11.29 Diluted $ 2.03 $ 4.85 $ 10.74 $ 10.80 Weighted average shares of common stock outstanding (in thousands): Basic 72,709 86,142 73,278 87,791 Dilutive effect of stock awards 1,618 2,664 2,052 3,123 Dilutive effect of participating securities — 839 — 839 Diluted 74,327 89,645 75,330 91,753

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of fair value, assets and liabilities measured on recurring basis	The following tables present the estimated carrying amount and fair value of the Company’s financial instruments and other assets and liabilities measured at fair value on a recurring basis: June 30, 2022 Recurring Fair Value Measurements Fair Value - Recurring Basis Total Fair Value Level 1 Level 2 Level 3 Assets Mortgage loans held for sale $ 2,072 $ — $ 2,072 $ — Mortgage servicing rights 6,151 — — 6,151 Equity securities 59 5 — 54 Derivative financial instruments IRLCs 62 — — 62 LPCs 3 — — 3 Forward MBS trades 12 — 12 — Liabilities Derivative financial instruments IRLCs 1 — — 1 LPCs 1 — — 1 Forward MBS trades 13 — 13 — Treasury futures 18 — 18 — Mortgage servicing rights financing 24 — — 24 Excess spread financing 532 — — 532 December 31, 2021 Recurring Fair Value Measurements Fair Value - Recurring Basis Total Fair Value Level 1 Level 2 Level 3 Assets Mortgage loans held for sale $ 4,381 $ — $ 4,381 $ — Mortgage servicing rights 4,223 — — 4,223 Equity securities 63 9 — 54 Derivative financial instruments IRLCs 134 — — 134 Forward MBS trades 7 — 7 — LPCs 3 — — 3 Liabilities Derivative financial instruments Forward MBS trades 8 — 8 — LPCs 2 — — 2 Swap futures 6 — 6 — Mortgage servicing rights financing 10 — — 10 Excess spread financing 768 — — 768
Schedule of fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation	The tables below present a reconciliation for all of the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis: Six Months Ended June 30, 2022 Assets Liabilities Fair Value - Level 3 Assets and Liabilities Mortgage servicing rights Equity securities IRLCs Excess spread financing Mortgage servicing rights financing Balance - beginning of period $ 4,223 $ 54 $ 134 $ 768 $ 10 Changes in fair value included in earnings 663 — (72) 117 14 Purchases 1,178 — — — — Issuances 360 — — — — Sales (289) — — — — Repayments — — — (292) — Settlements — — — (61) — Other changes 16 — — — — Balance - end of period $ 6,151 $ 54 $ 62 $ 532 $ 24 Six Months Ended June 30, 2021 Assets Liabilities Fair Value - Level 3 Assets and Liabilities Mortgage servicing rights IRLCs Excess spread financing Mortgage servicing rights financing Balance - beginning of period $ 2,703 $ 414 $ 934 $ 33 Changes in fair value included in earnings (190) (210) 14 (12) Purchases 218 — — — Issuances 554 — — — Sales (12) — — — Settlements — — (81) — Other changes 34 — — — Balance - end of period $ 3,307 $ 204 $ 867 $ 21
Fair value measurement inputs and valuation techniques	The tables below present the quantitative information for significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities. June 30, 2022 December 31, 2021 Range Weighted Average Range Weighted Average Level 3 Inputs Min Max Min Max MSR (1) Discount rate 10.4 % 13.7 % 11.3 % 9.5 % 13.7 % 10.9 % Prepayment speed 6.7 % 14.0 % 7.7 % 11.7 % 16.4 % 13.0 % Cost to service per loan (2) $ 58 $ 114 $ 74 $ 59 $ 168 $ 77 Average life (3) 7.9 years 5.8 years IRLCs Value of servicing (reflected as a percentage of loan commitment) — % 4.5 % 1.8 % (0.7) % 2.4 % 1.4 % Excess spread financing (1) Discount rate 10.0 % 13.8 % 11.3 % 9.5 % 13.8 % 11.2 % Prepayment speed 7.4 % 14.0 % 9.7 % 12.8 % 15.2 % 13.4 % Average life (3) 6.5 years 5.4 years Mortgage servicing rights financing Advance financing and counterparty fee rates 4.8 % 8.5 % 7.2 % 4.5 % 7.9 % 6.5 % Annual advance recovery rates 17.7 % 23.4 % 19.0 % 19.2 % 23.0 % 21.3 % (1) The inputs are weighted by investor. (2) Presented in whole dollar amounts. (3) Average life is included for informational purposes.
Schedule of fair value, by balance sheet grouping	The tables below present a summary of the estimated carrying amount and fair value of the Company’s financial instruments not carried at fair value: June 30, 2022 Carrying Fair Value Financial Instruments Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 514 $ 514 $ — $ — Restricted cash 115 115 — — Advances and other receivables, net 892 — — 892 Loans subject to repurchase from Ginnie Mae 1,400 — 1,400 — Financial liabilities Unsecured senior notes, net 2,672 2,152 — — Advance and warehouse facilities, net 3,407 — 3,412 — Liability for loans subject to repurchase from Ginnie Mae 1,400 — 1,400 — December 31, 2021 Carrying Fair Value Financial Instruments Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 895 $ 895 $ — $ — Restricted cash 146 146 — — Advances and other receivables, net 1,228 — — 1,228 Loans subject to repurchase from Ginnie Mae 1,496 — 1,496 — Financial liabilities Unsecured senior notes, net 2,670 2,737 — — Advance and warehouse facilities, net 4,997 — 5,009 — Liability for loans subject to repurchase from Ginnie Mae 1,496 — 1,496 —

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of segment reporting information	The following tables present financial information by segment: Three Months Ended June 30, 2022 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 414 $ 24 $ 22 $ 460 Net (loss) gain on mortgage loans held for sale (19) 158 — 139 Total revenues 395 182 22 599 Total expenses 143 126 59 328 Interest income 35 15 — 50 Interest expense (61) (10) (40) (111) Other expense, net — — (5) (5) Total other (expenses) income, net (26) 5 (45) (66) Income (loss) from continuing operations before income tax expense (benefit) $ 226 $ 61 $ (82) $ 205 Depreciation and amortization for property and equipment and intangible assets from continuing operations $ 5 $ 5 $ (1) $ 9 Total assets $ 9,645 $ 1,381 $ 1,869 $ 12,895 Three Months Ended June 30, 2021 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ (92) $ 45 $ 39 $ (8) Net gain on mortgage loans held for sale 197 385 — 582 Total revenues 105 430 39 574 Total expenses 121 226 78 425 Interest income 25 26 — 51 Interest expense (65) (23) (31) (119) Other income, net — — 486 486 Total other (expenses) income, net (40) 3 455 418 (Loss) income from continuing operations before income tax (benefit) expense $ (56) $ 207 $ 416 $ 567 Depreciation and amortization for property and equipment and intangible assets from continuing operations $ 7 $ 6 $ 3 $ 16 Total assets $ 15,973 $ 4,582 $ 2,753 $ 23,308 Six Months Ended June 30, 2022 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 1,115 $ 66 $ 34 $ 1,215 Net (loss) gain on mortgage loans held for sale (4) 440 — 436 Total revenues 1,111 506 34 1,651 Total expenses 266 300 100 666 Interest income 54 32 — 86 Interest expense (115) (22) (80) (217) Other income, net — — 217 217 Total other (expenses) income, net (61) 10 137 86 Income from continuing operations before income tax expense $ 784 $ 216 $ 71 $ 1,071 Depreciation and amortization for property and equipment and intangible assets from continuing operations $ 10 $ 9 $ 1 $ 20 Total assets $ 9,645 $ 1,381 $ 1,869 $ 12,895 Six Months Ended June 30, 2021 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 349 $ 88 $ 135 $ 572 Net gain on mortgage loans held for sale 324 937 — 1,261 Total revenues 673 1,025 135 1,833 Total expenses 231 457 191 879 Interest income 48 49 — 97 Interest expense (136) (48) (61) (245) Other income, net — — 486 486 Total other (expenses) income, net (88) 1 425 338 Income from continuing operations before income tax expense $ 354 $ 569 $ 369 $ 1,292 Depreciation and amortization for property and equipment and intangible assets from continuing operations $ 12 $ 10 $ 9 $ 31 Total assets $ 15,973 $ 4,582 $ 2,753 $ 23,308

Discontinued Operations and D_3

Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	Dec. 01, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income from discontinued operations	$ 0	$ 12	$ 0	$ 14
Discontinued Operation, Loan Asset Retained	34		34			$ 55
Discontinued Operation, Loan Liability Retained	26		26			$ 39
Sagent M&C, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investments	250		250
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Champion Mortgage [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue - service related, net		1		9
Salaries, wages and benefits expense		(8)		(16)
General and administrative expense		71		64
Interest income		43		87
Interest expense		(30)		(64)
Loss on classification as discontinued operations		(61)		(61)
Income from discontinued operations before income tax expense		16		19
Less: Income tax expense		4		5
Net income from discontinued operations		$ 12		$ 14
Disposal Group, Discontinued Operation, Transaction Cost	5		5
Purchase price							$ 1,640
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mortgage Servicing Platform
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Discontinued Operation, Transaction Cost	0		$ 4
Purchase price					$ 260
Disposal Group, Including Discontinued Operation, Assets, Noncurrent					31
Cash received from disposal					$ 9.9
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal	$ 223
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mortgage Servicing Platform | Sagent M&C, LLC | Mr. Cooper Group Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest percentage					19.90%

Mortgage Servicing Rights and_3

Mortgage Servicing Rights and Related Liabilities - MSRs and Related Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Mortgage Servicing Rights [Line Items]
Excess spread financing - fair value	$ 532	$ 768
Mortgage servicing rights financing - fair value	24	10
MSR related liabilities - nonrecourse at fair value	556	778
Mortgage servicing rights
Mortgage Servicing Rights [Line Items]
MSRs - fair value	$ 6,151	$ 4,223

Mortgage Servicing Rights and_4

Mortgage Servicing Rights and Related Liabilities - MSR's at Fair Value (Details) - Mortgage servicing rights - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value - beginning of period	$ 4,223	$ 2,703
Servicing retained from mortgage loans sold	360	554
Purchases of servicing rights	1,178	218
Sales of servicing assets	(289)	(12)
Changes in valuation inputs or assumptions used in the valuation model (MSR MTM)	1,124	321
Changes in valuation due to amortization	(461)	(511)
Other changes	16	34
Fair value - end of period	$ 6,151	$ 3,307

Mortgage Servicing Rights and_5

Mortgage Servicing Rights and Related Liabilities - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Servicing Asset at Amortized Cost [Line Items]
Excess spread financing - fair value	$ 532	$ 768
Mortgage servicing rights financing - fair value	24	$ 10
Excess Spread Financing Repurchase, Purchase Price	277
Forward MSRs Sold
Servicing Asset at Amortized Cost [Line Items]
UPB	20,052		$ 1,076
Forward MSRs Sold, Subservicing Retained
Servicing Asset at Amortized Cost [Line Items]
UPB	$ 19,367		$ 1,008

Mortgage Servicing Rights and_6

Mortgage Servicing Rights and Related Liabilities - UPB related to owned MSRs (Details) - Mortgage servicing rights - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Owned Service Loans [Line Items]
UPB	$ 397,387	$ 339,208
Fair Value	6,151	4,223
Agency
Owned Service Loans [Line Items]
UPB	364,436	302,851
Fair Value	5,806	3,859
Non-agency
Owned Service Loans [Line Items]
UPB	32,951	36,357
Fair Value	$ 345	$ 364

Mortgage Servicing Rights and_7

Mortgage Servicing Rights and Related Liabilities - Fair Value Sensitivity Analysis (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Mortgage servicing rights
Excess Spread Financing - Hypothetical Sensitivities
Total prepayment speeds, 10% Adverse Change	$ (150)	$ (148)
Total prepayment speeds, 20% Adverse Change	(293)	(286)
Cost to Service per Loan, 10% Adverse Change	(66)	(46)
Cost to Service per Loan, 20% Adverse Change	(132)	(93)
Excess spread financing
Excess Spread Financing - Hypothetical Sensitivities
Total prepayment speeds, 10% Adverse Change	13	28
Total prepayment speeds, 20% Adverse Change	26	58
100 bps Adverse Change | Mortgage servicing rights
Excess Spread Financing - Hypothetical Sensitivities
Discount Rate	(258)	(141)
100 bps Adverse Change | Excess spread financing
Excess Spread Financing - Hypothetical Sensitivities
Discount Rate	20	26
200 bps Adverse Change | Mortgage servicing rights
Excess Spread Financing - Hypothetical Sensitivities
Discount Rate	(495)	(272)
200 bps Adverse Change | Excess spread financing
Excess Spread Financing - Hypothetical Sensitivities
Discount Rate	$ 42	$ 54

Mortgage Servicing Rights and_8

Mortgage Servicing Rights and Related Liabilities - Servicing Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Transfers and Servicing [Abstract]
Contractually specified servicing fees(1)	$ 378	$ 275	$ 705	$ 551
Other service-related income(1)	20	214	68	359
Incentive and modification income(1)	9	14	18	28
Late fees(1)	19	16	38	34
Mark-to-market adjustments(2)	200	(140)	753	225
Amortization, net of accretion(3)	(199)	(198)	(401)	(365)
Other(4)	(32)	(76)	(70)	(159)
Total revenues - Servicing	395	105	1,111	673
Cumulative incurred losses related to advances and other receivables associated with inactive and liquidated loans	6	8	12	20
Servicing fee income accretion expense	$ 27	$ 70	$ 60	$ 146

Advances and Other Receivable_2

Advances and Other Receivables - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Servicing advances, net of $14 and $19 purchase discount, respectively	$ 915		$ 1,263
Receivables from agencies, investors and prior servicers, net of $8 and $12 purchase discount, respectively	127		132
Reserves	(150)		(167)
Total advances and other receivables, net	892		1,228
Servicing advances discount	14	$ 16	19	$ 26	$ 63	$ 72
Receivables discount	$ 8	$ 8	$ 12	$ 20	$ 20	$ 21

Advances and Other Receivable_3

Advances and Other Receivables - Advances and Other Receivables Roll Forward (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Advances And Other Receivables, Reserves [Roll Forward]
Balance - beginning of period	$ 152	$ 206	$ 167	$ 208
Provision and other additions(1)	18	26	34	41
Write-offs	(20)	(41)	(51)	(58)
Balance - end of period	150	191	150	191
Cumulative incurred losses related to advances and other receivables associated with inactive and liquidated loans	$ 6	$ 8	$ 12	$ 20

Advances and Other Receivable_4

Advances and Other Receivables - Purchase Discount (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Servicing Advances
Servicing Advances, Discount	$ 16	$ 63	$ 19	$ 72
Accretion of Service Advances Discount	(2)	(37)	(5)	(46)
Servicing Advances, Discount	14	26	14	26
Receivables from Agencies, Investors and Prior Servicers
Receivable with Imputed Interest, Discount	8	20	8	20
Receivable Discount, Accretion Expense	0	0	(4)	(1)
Receivable with Imputed Interest, Discount	$ 8	$ 20	$ 12	$ 21

Advances and Other Receivable_5

Advances and Other Receivables - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, allowance for credit loss	$ 33	$ 42	$ 33	$ 42
Financial instruments collection period			39 months
Advances and other receivables reserve
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit loss	3	3	$ 7	4
Other Credit Losses, Write-off	0		5
Financing receivable, allowance for credit loss	25	25	25	25
Purchase Discount
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, allowance for credit loss	$ 8	$ 17	$ 8	$ 17

Mortgage Loans Held for Sale -

Mortgage Loans Held for Sale - Mortgage Loans Held for Sale (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans held for sale – UPB	$ 2,098	$ 4,257
Mark-to-market adjustment(1)	(26)	124
Total mortgage loans held for sale	2,072	4,381
Mortgage Loans Held for Sale, Nonaccrual Basis Unpaid Principal Balance	113	104
Fair Value, Mortgage Loans Held for Sale non-accrual status	103	94
Ginnie mae repurchased loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage Loans Held for Sale, Nonaccrual Basis Unpaid Principal Balance	$ 103	$ 94

Mortgage Loans Held for Sale _2

Mortgage Loans Held for Sale - Reconciliation to Cash Flow (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward]
Balance - beginning of period	$ 4,381	$ 5,720
Loans sold	(24,251)	(52,128)
Mortgage loans originated and purchased, net of fees	19,370	47,560
Repurchase of loans out of Ginnie Mae securitizations	2,686	5,812
Net change in unrealized loss on retained loans held for sale	(115)	(5)
Net transfers of mortgage loans held for sale(1)	1	2
Balance - end of period	$ 2,072	$ 6,961

Mortgage Loans Held for Sale _3

Mortgage Loans Held for Sale - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Mortgage Loans Held for Sale and Investment [Abstract]
Sale of mortgage loans held for sale	$ 24,510	$ 52,923
Gain on sale of mortgage loans held for sale	259	$ 795
Mortgage loans held for sale in foreclosure	$ 46		$ 16

Loans Subject to Repurchase f_2

Loans Subject to Repurchase from Ginnie Mae (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans subject to repurchase from Ginnie Mae	$ 1,400	$ 1,496
Financial Asset, Equal to or Greater than 90 Days Past Due | Payment Deferral
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans subject to repurchase from Ginnie Mae	$ 1,241	$ 1,301

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 120	$ 120
Intangible assets	$ 11	$ 14

Derivative Financial Instrume_3

Derivative Financial Instruments - Derivative Instruments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Assets
Derivatives, Fair Value [Line Items]
Outstanding Notional	$ 4,256	$ 18,523
Fair Value	77	241
Gains/(Losses)	360	33
Assets | Loan sale commitments
Derivatives, Fair Value [Line Items]
Outstanding Notional	246	1,514
Fair Value	8	39
Gains/(Losses)	(17)	(63)
Assets | IRLCs
Derivatives, Fair Value [Line Items]
Outstanding Notional	2,103	6,730
Fair Value	62	204
Gains/(Losses)	(72)	(210)
Assets | LPCs
Derivatives, Fair Value [Line Items]
Outstanding Notional	325	1,984
Fair Value	3	10
Gains/(Losses)	0	(29)
Assets | Forward MBS trades
Derivatives, Fair Value [Line Items]
Outstanding Notional	1,798	9,749
Fair Value	12	27
Gains/(Losses)	429	271
Assets | Swap futures
Derivatives, Fair Value [Line Items]
Outstanding Notional		60
Fair Value		0
Gains/(Losses)		1
Assets | Treasury futures
Derivatives, Fair Value [Line Items]
Outstanding Notional	30
Fair Value	0
Gains/(Losses)	3
Liabilities
Derivatives, Fair Value [Line Items]
Outstanding Notional	2,860	12,464
Fair Value	33	26
Gains/(Losses)	(216)	(131)
Liabilities | IRLCs
Derivatives, Fair Value [Line Items]
Outstanding Notional	56	9
Fair Value	1	0
Gains/(Losses)	(1)	0
Liabilities | LPCs
Derivatives, Fair Value [Line Items]
Outstanding Notional	186	708
Fair Value	1	1
Gains/(Losses)	1	(1)
Liabilities | Forward MBS trades
Derivatives, Fair Value [Line Items]
Outstanding Notional	1,716	11,747
Fair Value	13	25
Gains/(Losses)	(31)	(126)
Liabilities | Swap futures
Derivatives, Fair Value [Line Items]
Outstanding Notional		0
Fair Value		0
Gains/(Losses)		$ (4)
Liabilities | Treasury futures
Derivatives, Fair Value [Line Items]
Outstanding Notional	902
Fair Value	18
Gains/(Losses)	$ (185)

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Collateral deposit assets (liabilities)	$ (37)	$ (27)

Indebtedness - Advance and Ware

Indebtedness - Advance and Warehouse Facilities Summary (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Advance and warehouse facilities, net	$ 3,407,000,000	$ 4,997,000,000
Advance Facilities | Servicing | Loans payable | $350 advance facility
Debt Instrument [Line Items]
Capacity Amount	350,000,000
Debt outstanding, gross	156,000,000	160,000,000
Collateral Pledged	186,000,000	197,000,000
Advance Facilities | Servicing | Loans payable | $350 advance facility
Debt Instrument [Line Items]
Capacity Amount	350,000,000
Debt outstanding, gross	145,000,000	162,000,000
Collateral Pledged	172,000,000	190,000,000
Advance Facilities | Servicing | Notes payable to banks
Debt Instrument [Line Items]
Debt outstanding, gross	523,000,000	614,000,000
Collateral Pledged	671,000,000	794,000,000
Advance Facilities | Servicing | Notes payable to banks | $75 advance facility
Debt Instrument [Line Items]
Capacity Amount	75,000,000
Debt outstanding, gross	49,000,000	58,000,000
Collateral Pledged	70,000,000	89,000,000
Warehouse Facilities | Originations | Notes payable to banks
Debt Instrument [Line Items]
Debt outstanding, gross	1,939,000,000	4,125,000,000
Collateral Pledged	2,111,000,000	4,327,000,000
Warehouse Facilities | Originations | Notes payable to banks | $4,000 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	4,000,000,000
Debt outstanding, gross	661,000,000	1,224,000,000
Collateral Pledged	771,000,000	1,341,000,000
Warehouse Facilities | Originations | Notes payable to banks | $2,500 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	2,500,000,000
Debt outstanding, gross	532,000,000	991,000,000
Collateral Pledged	550,000,000	1,024,000,000
Warehouse Facilities | Originations | Notes payable to banks | $1,500 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	1,500,000,000
Debt outstanding, gross	180,000,000	356,000,000
Collateral Pledged	180,000,000	345,000,000
Warehouse Facilities | Originations | Notes payable to banks | $750 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	750,000,000
Debt outstanding, gross	241,000,000	256,000,000
Collateral Pledged	253,000,000	270,000,000
Warehouse Facilities | Originations | Notes payable to banks | $450 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	450,000,000
Debt outstanding, gross	0	87,000,000
Collateral Pledged	0	89,000,000
Warehouse Facilities | Originations | Notes payable to banks | $600 warehouse facility(2)
Debt Instrument [Line Items]
Capacity Amount	600,000,000
Debt outstanding, gross	91,000,000	409,000,000
Collateral Pledged	101,000,000	425,000,000
Warehouse Facilities | Originations | Notes payable to banks | $500 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	500,000,000
Debt outstanding, gross	9,000,000	188,000,000
Collateral Pledged	10,000,000	194,000,000
Warehouse Facilities | Originations | Notes payable to banks | $500 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	500,000,000
Debt outstanding, gross	117,000,000	419,000,000
Collateral Pledged	120,000,000	430,000,000
Warehouse Facilities | Originations | Notes payable to banks | $500 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	500,000,000
Debt outstanding, gross	57,000,000	39,000,000
Collateral Pledged	68,000,000	39,000,000
Warehouse Facilities | Originations | Notes payable to banks | $500 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	500,000,000
Debt outstanding, gross	31,000,000	38,000,000
Collateral Pledged	32,000,000	39,000,000
Warehouse Facilities | Originations | Notes payable to banks | $325 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	325,000,000
Debt outstanding, gross	1,000,000	67,000,000
Collateral Pledged	1,000,000	67,000,000
Warehouse Facilities | Originations | Notes payable to banks | $250 warehouse facility(3)
Debt Instrument [Line Items]
Capacity Amount	250,000,000	600
Debt outstanding, gross	0	5,000,000
Collateral Pledged	0	6,000,000
Warehouse Facilities | Originations | Notes payable to banks | $200 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	200,000,000
Debt outstanding, gross	19,000,000	46,000,000
Collateral Pledged	25,000,000	58,000,000
Warehouse Facilities | Originations | Notes payable to banks | $30 warehouse facility(4)
Debt Instrument [Line Items]
Capacity Amount	0
Debt outstanding, gross	0	0
Collateral Pledged	0	0
Warehouse Facilities | Originations | Notes payable to banks | $1,000 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	1,000,000,000
MSR Facilities | Servicing | Notes payable to banks
Debt Instrument [Line Items]
Debt outstanding, gross	950,000,000	270,000,000
Collateral Pledged	5,054,000,000	2,814,000,000
MSR Facilities | Servicing | Notes payable to banks | $800 warehouse facility(1)(5)
Debt Instrument [Line Items]
Capacity Amount	800,000,000	260,000,000
Debt outstanding, gross	260,000,000	260,000,000
Collateral Pledged	2,008,000,000	1,107,000,000
MSR Facilities | Servicing | Notes payable to banks | $600 warehouse facility(6)
Debt Instrument [Line Items]
Capacity Amount	600,000,000	400,000,000
Debt outstanding, gross	400,000,000	0
Collateral Pledged	883,000,000	838,000,000
MSR Facilities | Servicing | Notes payable to banks | $400 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	400,000,000
Debt outstanding, gross	200,000,000	0
Collateral Pledged	710,000,000	0
MSR Facilities | Servicing | Notes payable to banks | $400 warehouse facility(2)
Debt Instrument [Line Items]
Capacity Amount	400,000,000
Debt outstanding, gross	65,000,000	0
Collateral Pledged	1,376,000,000	745,000,000
MSR Facilities | Servicing | Notes payable to banks | $50 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	50,000,000
Debt outstanding, gross	25,000,000	10,000,000
Collateral Pledged	77,000,000	124,000,000
MSR Facilities | Servicing | Notes payable to banks | $1,200 warehouse facility
Debt Instrument [Line Items]
Capacity Amount	1,200,000,000	1,200,000,000
Advance Financing, Internally Allocated | Servicing | Loans payable | $400 advance facility(1)
Debt Instrument [Line Items]
Capacity Amount	400,000,000	940,000,000
Debt outstanding, gross	173,000,000	234,000,000
Collateral Pledged	243,000,000	318,000,000
MSR Financing, Internally Allocated | Servicing | Notes payable to banks | $800 warehouse facility(1)(5)
Debt Instrument [Line Items]
Capacity Amount	800,000,000	260,000,000
MSR Financing, Internally Allocated | Servicing | Notes payable to banks | $400 warehouse facility(2)
Debt Instrument [Line Items]
Capacity Amount	400,000,000
Advance, Warehouse and MSR Facilities
Debt Instrument [Line Items]
Debt outstanding, gross	3,412,000,000	5,009,000,000
Collateral Pledged	7,836,000,000	7,935,000,000
Unamortized debt issuance costs	(5,000,000)	(12,000,000)
Advance and warehouse facilities, net	$ 3,407,000,000	$ 4,997,000,000

Indebtedness - Summary of Unsec

Indebtedness - Summary of Unsecured Senior Notes (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Unsecured senior notes, net	$ 2,672,000,000	$ 2,670,000,000
Unsecured Senior Notes
Debt Instrument [Line Items]
Unsecured senior notes principal amount	2,700,000,000	2,700,000,000
Unamortized debt issuance costs	(28,000,000)	(30,000,000)
Unsecured senior notes, net	2,672,000,000	2,670,000,000
Unsecured Senior Notes | $850 face value, 5.500% interest rate payable semi-annually, due August 2028
Debt Instrument [Line Items]
Unsecured senior notes principal amount	850,000,000	850,000,000
Face value	$ 850,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.50%
Unsecured Senior Notes | $650 face value, 5.125% interest rate payable semi-annually, due December 2030
Debt Instrument [Line Items]
Unsecured senior notes principal amount	$ 650,000,000	650,000,000
Face value	$ 650,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.125%
Unsecured Senior Notes | $600 face value, 6.000% interest rate payable semi-annually, due January 2027
Debt Instrument [Line Items]
Unsecured senior notes principal amount	$ 600,000,000	600,000,000
Face value	$ 600,000,000
Debt Instrument, Interest Rate, Stated Percentage	6%
Unsecured Senior Notes | $600 face value, 5.750% interest rate payable semi-annually, due November 2031
Debt Instrument [Line Items]
Unsecured senior notes principal amount	$ 600,000,000	$ 600,000,000
Face value	$ 600,000,000
Debt Instrument, Interest Rate, Stated Percentage	5.75%

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Interest Expense	$ 111	$ 119	$ 217	$ 245
Advance Facilities | Servicing
Debt Instrument [Line Items]
Short-Term Debt, Weighted Average Interest Rate, over Time	3.10%	3.40%	2.80%	3.20%
Warehouse & MSR Facilities
Debt Instrument [Line Items]
Short-Term Debt, Weighted Average Interest Rate, over Time	3.10%	2.10%	2.60%	2.20%
Debt
Debt Instrument [Line Items]
Interest Expense	$ 90	$ 90	$ 176	$ 183
Unsecured Senior Notes
Debt Instrument [Line Items]
Maximum percentage redeemable on unsecured debt			40%
Repayments of debt			$ 0	0
Amount of principal amount outstanding repaid			$ 0	$ 0

Indebtedness - Schedule of Note

Indebtedness - Schedule of Notes Maturity (Details) - Unsecured Senior Notes - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2022 through 2026	$ 0
Thereafter	2,700
Total unsecured senior notes principal amount	$ 2,700	$ 2,700

Securitizations and Financing_2

Securitizations and Financings - Assets and Liabilities of Consolidated VIEs (Details) - Residential mortgage - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets - transfers accounted for as secured borrowings	$ 403	$ 437
Liabilities - transfers accounted for as secured borrowings	301	323
Restricted cash
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets - transfers accounted for as secured borrowings	45	50
Advances and other receivables, net
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets - transfers accounted for as secured borrowings	358	387
Advance facilities, net(1)
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Liabilities - transfers accounted for as secured borrowings	301	322
Payables and other liabilities
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Liabilities - transfers accounted for as secured borrowings	$ 0	$ 1

Securitizations and Financing_3

Securitizations and Financings - Securitization Trusts (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entities and Securitizations [Abstract]
Total collateral balances - UPB	$ 1,034	$ 1,122
Total certificate balances	1,012	1,112
Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Unconsolidated securitization trusts	$ 127	$ 138

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Common Stock
Stock Repurchased and Retired [Line Items]
Repurchase of common stock (in shares)	2,261		2,982	4,505	(14,800)
Preferred Stock
Stock Repurchased and Retired [Line Items]
Stock Repurchased and Retired During Period, Shares		1,000

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income from continuing operations	$ 151	$ 427	$ 809	$ 986
Less: Undistributed earnings from continuing operations attributable to participating stockholders	0	4	0	9
Net income from continuing operations attributable to Mr. Cooper common stockholders	151	423	809	977
Net income from discontinued operations	0	12	0	14
Less: Undistributed earnings from discontinued operations attributable to participating stockholders	0	0	0	0
Net income from discontinued operations attributable to Mr. Cooper common stockholders	0	12	0	14
Net income	151	439	809	1,000
Less: Undistributed earnings attributable to participating stockholders	0	4	0	9
Net income attributable to common stockholders	$ 151	$ 435	$ 809	$ 991
Earnings Per Share, Basic [Abstract]
Income (Loss) from Continuing Operations, Per Basic Share	$ 2.08	$ 4.91	$ 11.04	$ 11.13
Income (Loss) from Continuing Operations, Per Diluted Share	2.03	4.72	10.74	10.65
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share	0	0.14	0	0.16
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Diluted Share	0	0.13	0	0.15
Basic (in dollars per share)	2.08	5.05	11.04	11.29
Diluted (in dollars per share)	$ 2.03	$ 4.85	$ 10.74	$ 10.80
Weighted average shares of common stock outstanding (in thousands):
Basic (in shares)	72,709	86,142	73,278	87,791
Dilutive effect of stock awards	1,618	2,664	2,052	3,123
Dilutive effect of participating securities	0	839	0	839
Diluted	74,327	89,645	75,330	91,753

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	26%	24.80%	24.40%	23.70%

Fair Value Measurements - Measu

Fair Value Measurements - Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Mortgage loans held for sale	$ 2,072	$ 4,381
Liabilities
Mortgage servicing rights financing	24	10
Recurring Fair Value Measurements
Assets
Mortgage loans held for sale	2,072	4,381
Mortgage servicing rights	6,151	4,223
Equity securities	59	63
Liabilities
Mortgage servicing rights financing	24	10
Excess spread financing	532	768
Recurring Fair Value Measurements | IRLCs
Assets
Derivative financial instruments	62	134
Liabilities
Fair Value	1
Recurring Fair Value Measurements | LPCs
Assets
Derivative financial instruments	3	3
Liabilities
Fair Value	1	2
Recurring Fair Value Measurements | Forward MBS trades
Assets
Derivative financial instruments	12	7
Liabilities
Fair Value	13	8
Recurring Fair Value Measurements | Swap futures
Liabilities
Fair Value		6
Recurring Fair Value Measurements | Treasury futures
Liabilities
Fair Value	18
Recurring Fair Value Measurements | Level 1
Assets
Mortgage loans held for sale	0	0
Mortgage servicing rights	0	0
Equity securities	5	9
Liabilities
Mortgage servicing rights financing	0	0
Excess spread financing	0	0
Recurring Fair Value Measurements | Level 1 | IRLCs
Assets
Derivative financial instruments	0	0
Liabilities
Fair Value	0
Recurring Fair Value Measurements | Level 1 | LPCs
Assets
Derivative financial instruments	0	0
Liabilities
Fair Value	0	0
Recurring Fair Value Measurements | Level 1 | Forward MBS trades
Assets
Derivative financial instruments	0	0
Liabilities
Fair Value	0	0
Recurring Fair Value Measurements | Level 1 | Swap futures
Liabilities
Fair Value		0
Recurring Fair Value Measurements | Level 1 | Treasury futures
Liabilities
Fair Value	0
Recurring Fair Value Measurements | Level 2
Assets
Mortgage loans held for sale	2,072	4,381
Mortgage servicing rights	0	0
Equity securities	0	0
Liabilities
Mortgage servicing rights financing	0	0
Excess spread financing	0	0
Recurring Fair Value Measurements | Level 2 | IRLCs
Assets
Derivative financial instruments	0	0
Liabilities
Fair Value	0
Recurring Fair Value Measurements | Level 2 | LPCs
Assets
Derivative financial instruments	0	0
Liabilities
Fair Value	0	0
Recurring Fair Value Measurements | Level 2 | Forward MBS trades
Assets
Derivative financial instruments	12	7
Liabilities
Fair Value	13	8
Recurring Fair Value Measurements | Level 2 | Swap futures
Liabilities
Fair Value		6
Recurring Fair Value Measurements | Level 2 | Treasury futures
Liabilities
Fair Value	18
Recurring Fair Value Measurements | Level 3
Assets
Mortgage loans held for sale	0	0
Mortgage servicing rights	6,151	4,223
Equity securities	54	54
Liabilities
Mortgage servicing rights financing	24	10
Excess spread financing	532	768
Recurring Fair Value Measurements | Level 3 | IRLCs
Assets
Derivative financial instruments	62	134
Liabilities
Fair Value	1
Recurring Fair Value Measurements | Level 3 | LPCs
Assets
Derivative financial instruments	3	3
Liabilities
Fair Value	1	2
Recurring Fair Value Measurements | Level 3 | Forward MBS trades
Assets
Derivative financial instruments	0	0
Liabilities
Fair Value	0	0
Recurring Fair Value Measurements | Level 3 | Swap futures
Liabilities
Fair Value		$ 0
Recurring Fair Value Measurements | Level 3 | Treasury futures
Liabilities
Fair Value	$ 0

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Reconciliation (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Excess spread financing
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 768	$ 934
Changes in fair value included in earnings	117	14
Purchases	0	0
Issuances	0	0
Sales	0	0
Repayments	292
Settlements	(61)	(81)
Other changes	0	0
Balance - end of period	532	867
Mortgage servicing rights financing
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	10	33
Changes in fair value included in earnings	14	(12)
Purchases	0	0
Issuances	0	0
Sales	0	0
Repayments	0
Settlements	0	0
Other changes	0	0
Balance - end of period	24	21
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	4,223	2,703
Changes in fair value included in earnings	663	(190)
Purchases	1,178	218
Issuances	360	554
Sales	(289)	(12)
Repayments	0
Settlements	0	0
Other changes	16	34
Balance - end of period	6,151	3,307
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	54
Changes in fair value included in earnings	0
Purchases	0
Issuances	0
Sales	0
Repayments	0
Settlements	0
Other changes	0
Balance - end of period	54
IRLCs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	134	414
Changes in fair value included in earnings	(72)	(210)
Purchases	0	0
Issuances	0	0
Sales	0	0
Repayments	0
Settlements	0	0
Other changes	0	0
Balance - end of period	$ 62	$ 204

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable Inputs (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
MSR(1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Average life(3)	7 years 10 months 24 days	5 years 9 months 18 days
Excess spread financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Average life(3)	6 years 6 months	5 years 4 months 24 days
Min | MSR(1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	10.40%	9.50%
Prepayment speed	6.70%	11.70%
Cost to service per loan(2)	$ 58	$ 59
Min | IRLCs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Value of servicing (reflected as a percentage of loan commitment)	0	(0.007)
Min | Excess spread financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	10%	9.50%
Prepayment speed	7.40%	12.80%
Min | Mortgage servicing rights financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Advance financing and counterparty fee rates	4.80%	4.50%
Annual advance recovery rates	17.70%	19.20%
Max | MSR(1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	13.70%	13.70%
Prepayment speed	14%	16.40%
Cost to service per loan(2)	$ 114	$ 168
Max | IRLCs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Value of servicing (reflected as a percentage of loan commitment)	0.045	0.024
Max | Excess spread financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	13.80%	13.80%
Prepayment speed	14%	15.20%
Max | Mortgage servicing rights financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Advance financing and counterparty fee rates	8.50%	7.90%
Annual advance recovery rates	23.40%	23%
Weighted Average | MSR(1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	11.30%	10.90%
Prepayment speed	7.70%	13%
Cost to service per loan(2)	$ 74	$ 77
Weighted Average | IRLCs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Value of servicing (reflected as a percentage of loan commitment)	0.018	0.014
Weighted Average | Excess spread financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	11.30%	11.20%
Prepayment speed	9.70%	13.40%
Weighted Average | Mortgage servicing rights financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Advance financing and counterparty fee rates	7.20%	6.50%
Annual advance recovery rates	19%	21.30%

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value by Balance Sheet Line Item (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Financial assets
Restricted cash	$ 115	$ 146	$ 113
Loans subject to repurchase from Ginnie Mae	1,400	1,496
Financial liabilities
Unsecured senior notes, net	2,672	2,670
Advance and warehouse facilities, net	3,407	4,997
Nonrecurring Fair Value Measurements
Financial assets
Cash and cash equivalents	514	895
Restricted cash	115	146
Advances and other receivables, net	892	1,228
Loans subject to repurchase from Ginnie Mae	1,400	1,496
Financial liabilities
Unsecured senior notes, net	2,672	2,670
Advance and warehouse facilities, net	3,407	4,997
Liability for loans subject to repurchase from Ginnie Mae	1,400	1,496
Nonrecurring Fair Value Measurements | Level 1
Financial assets
Cash and cash equivalents	514	895
Restricted cash	115	146
Advances and other receivables, net	0	0
Loans subject to repurchase from Ginnie Mae	0	0
Financial liabilities
Unsecured senior notes, net	2,152	2,737
Advance and warehouse facilities, net	0	0
Liability for loans subject to repurchase from Ginnie Mae	0	0
Nonrecurring Fair Value Measurements | Level 2
Financial assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Advances and other receivables, net	0	0
Loans subject to repurchase from Ginnie Mae	1,400	1,496
Financial liabilities
Unsecured senior notes, net	0	0
Advance and warehouse facilities, net	3,412	5,009
Liability for loans subject to repurchase from Ginnie Mae	1,400	1,496
Nonrecurring Fair Value Measurements | Level 3
Financial assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Advances and other receivables, net	892	1,228
Loans subject to repurchase from Ginnie Mae	0	0
Financial liabilities
Unsecured senior notes, net	0	0
Advance and warehouse facilities, net	0	0
Liability for loans subject to repurchase from Ginnie Mae	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Loss Contingencies [Line Items]
Legal Fees (Recoveries), net	$ 10	$ 8	$ 8	$ 21
Litigation and regulatory matters | Min
Loss Contingencies [Line Items]
Estimate of possible loss	4		4
Litigation and regulatory matters | Max
Loss Contingencies [Line Items]
Estimate of possible loss	$ 7		$ 7

Segment Information - Financial

Segment Information - Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenues:
Service related, net	$ 460	$ (8)	$ 1,215	$ 572
Net (loss) gain on mortgage loans held for sale	139	582	436	1,261
Total revenues	599	574	1,651	1,833
Total expenses	328	425	666	879
Other income (expenses)
Interest income	50	51	86	97
Interest expense	(111)	(119)	(217)	(245)
Other expense, net	(5)	486	217	486
Total other (expenses) income, net	(66)	418	86	338
Income (loss) from continuing operations before income tax expense (benefit)	205	567	1,071	1,292
Depreciation and amortization for property and equipment and intangible assets from continuing operations	9	16	20	31
Total assets	12,895	23,308	12,895	23,308	$ 14,204
Gain (Loss) on Disposition of Assets			(223)
Operating Segments | Servicing
Revenues:
Service related, net	414	(92)	1,115	349
Net (loss) gain on mortgage loans held for sale	(19)	197	(4)	324
Total revenues	395	105	1,111	673
Total expenses	143	121	266	231
Other income (expenses)
Interest income	35	25	54	48
Interest expense	(61)	(65)	(115)	(136)
Other expense, net	0	0	0	0
Total other (expenses) income, net	(26)	(40)	(61)	(88)
Income (loss) from continuing operations before income tax expense (benefit)	226	(56)	784	354
Depreciation and amortization for property and equipment and intangible assets from continuing operations	5	7	10	12
Total assets	9,645	15,973	9,645	15,973
Operating Segments | Originations
Revenues:
Service related, net	24	45	66	88
Net (loss) gain on mortgage loans held for sale	158	385	440	937
Total revenues	182	430	506	1,025
Total expenses	126	226	300	457
Other income (expenses)
Interest income	15	26	32	49
Interest expense	(10)	(23)	(22)	(48)
Other expense, net	0	0	0	0
Total other (expenses) income, net	5	3	10	1
Income (loss) from continuing operations before income tax expense (benefit)	61	207	216	569
Depreciation and amortization for property and equipment and intangible assets from continuing operations	5	6	9	10
Total assets	1,381	4,582	1,381	4,582
Corporate/Other
Revenues:
Service related, net	22	39	34	135
Net (loss) gain on mortgage loans held for sale	0	0	0	0
Total revenues	22	39	34	135
Total expenses	59	78	100	191
Other income (expenses)
Interest income	0	0	0	0
Interest expense	(40)	(31)	(80)	(61)
Other expense, net	(5)	486	217	486
Total other (expenses) income, net	(45)	455	137	425
Income (loss) from continuing operations before income tax expense (benefit)	(82)	416	71	369
Depreciation and amortization for property and equipment and intangible assets from continuing operations	(1)	3	1	9
Total assets	$ 1,869	$ 2,753	$ 1,869	$ 2,753