Mr. Cooper (COOP) 10-Q 23 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		63,983,716
Entity Central Index Key	0000933136
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 733	$ 571
Restricted cash	186	169
Mortgage servicing rights at fair value	10,035	9,090
Advances and other receivables, net of reserves of $115 and $170, respectively	940	996
Mortgage loans held for sale at fair value	1,962	927
Property and equipment, net of accumulated depreciation of $152 and $141, respectively	58	53
Deferred tax assets, net	315	472
Other assets	1,957	1,918
Total assets	16,186	14,196
Liabilities and Stockholders’ Equity
Unsecured senior notes, net	4,885	3,151
Advance, warehouse and MSR facilities, net	4,379	4,302
Payables and other liabilities	1,841	1,995
MSR related liabilities - nonrecourse at fair value	443	466
Total liabilities	11,548	9,914
Commitments and contingencies (Note 15)
Common stock at $0.01 par value - 300 million shares authorized, 93.2 million shares issued	1	1
Additional paid-in-capital	1,068	1,087
Retained earnings	4,767	4,302
Treasury shares at cost - 29.2 million and 28.6 million shares, respectively	(1,198)	(1,108)
Total stockholders’ equity	4,638	4,282
Total liabilities and stockholders’ equity	$ 16,186	$ 14,196

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Advances and other receivables, reserves	$ 115	$ 170
Accumulated depreciation	$ 152	$ 141
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares, issued (in shares)	93,200,000	93,200,000
Treasury Stock, Common, Shares	29,200,000	28,600,000

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Service related, net	$ 288	$ 432	$ 1,251	$ 1,095
Net gain on mortgage loans held for sale	136	142	320	295
Total revenues	424	574	1,571	1,390
Expenses:
Salaries, wages and benefits	182	166	509	470
General and administrative	153	135	443	370
Total expenses	335	301	952	840
Interest income	227	167	574	369
Interest expense	(199)	(146)	(556)	(378)
Other (expense) income, net	(5)	58	(16)	44
Total other income (expense), net	23	79	2	35
Income before income tax expense	112	352	621	585
Less: Income tax expense	32	77	156	131
Net income	$ 80	$ 275	$ 465	$ 454
Earnings per share
Basic	$ 1.24	$ 4.14	$ 7.21	$ 6.70
Diluted	$ 1.22	$ 4.06	$ 7.06	$ 6.58

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders’ equity	$ 4,057	$ 1	$ 1,104	$ 3,802	$ (850)
Shares outstanding, beginning balance (in shares) at Dec. 31, 2022		69,266
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued / (surrendered) under incentive compensation plan (in shares)		902
Shares issued / (surrendered) under incentive compensation plan	(24)		(44)		20
Share-based compensation	21		21
Repurchase of common stock (in shares)		(4,334)
Repurchase of common stock	(204)				(204)
Net income	454			454
Shares outstanding, ending balance (in shares) at Sep. 30, 2023		65,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders’ equity	4,079	$ 1	1,074	3,981	(977)
Shares outstanding, beginning balance (in shares) at Jun. 30, 2023		66,848
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued / (surrendered) under incentive compensation plan (in shares)		25
Shares issued / (surrendered) under incentive compensation plan	0		(1)		1
Share-based compensation	8		8
Repurchase of common stock (in shares)		(1,039)
Repurchase of common stock	(58)				(58)
Net income	275			275
Shares outstanding, ending balance (in shares) at Sep. 30, 2023		65,834
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders’ equity	4,304	$ 1	1,081	4,256	(1,034)
Total stockholders’ equity	4,282	$ 1	1,087	4,302	(1,108)
Shares outstanding, beginning balance (in shares) at Dec. 31, 2023		64,599
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued / (surrendered) under incentive compensation plan (in shares)		731
Shares issued / (surrendered) under incentive compensation plan	(28)		(47)		19
Share-based compensation	28		28
Repurchase of common stock (in shares)		(1,351)
Repurchase of common stock	(109)				(109)
Net income	465			465
Shares outstanding, ending balance (in shares) at Sep. 30, 2024		63,979
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders’ equity	4,594	$ 1	1,058	4,687	(1,152)
Shares outstanding, beginning balance (in shares) at Jun. 30, 2024		64,484
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued / (surrendered) under incentive compensation plan (in shares)		11
Shares issued / (surrendered) under incentive compensation plan	(1)		(1)		0
Share-based compensation	11		11
Repurchase of common stock (in shares)		(516)
Repurchase of common stock	(46)				(46)
Net income	80			80
Shares outstanding, ending balance (in shares) at Sep. 30, 2024		63,979
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total stockholders’ equity	$ 4,638	$ 1	$ 1,068	$ 4,767	$ (1,198)

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net income		$ 465	$ 454
Adjustments to reconcile net income to net cash attributable to operating activities:
Deferred tax expense		156	108
Net gain on mortgage loans held for sale		(320)	(295)
Provision for servicing and non-servicing reserves		19	26
Fair value changes in mortgage servicing rights		694	140
Fair value changes in MSR related liabilities		26	(2)
Depreciation and amortization for property and equipment and intangible assets		25	28
Adjustment/Recognition of bargain purchase gain		4	96
(Gain) loss on MSR hedging activities		(64)	244
Gain on MSR and excess yield sales		(10)	(29)
Other operating activities		70	88
Repurchases of loan assets out of Ginnie Mae securitizations		(1,171)	(984)
Mortgage loans originated and purchased for sale, net of fees		(13,664)	(10,104)
Repurchases of loan assets out of Ginnie Mae securitizations		13,862	11,187
Changes in assets and liabilities:
Advances and other receivables		4	291
Other assets		178	(137)
Payables and other liabilities		(195)	(147)
Net cash attributable to operating activities		79	772
Investing Activities
Acquisition of assets		0	34
Acquisitions of business, net of cash acquired		0	(522)
Property and equipment additions, net of disposals		(27)	(16)
Purchase of mortgage servicing rights		(1,767)	(1,073)
Proceeds on sale of mortgage servicing rights and excess yield		317	560
Other investing activities		(20)	(3)
Net cash attributable to investing activities		(1,497)	(1,088)
Financing Activities
Increase in advance, warehouse and MSR facilities		84	617
Settlements and repayment of excess spread financing		(49)	(59)
Proceeds from Issuance of Unsecured Debt		1,750	0
Repurchase of common stock		(109)	(204)
Other financing activities		(79)	(36)
Net cash attributable to financing activities		1,597	318
Net increase in cash, cash equivalents, and restricted cash		179	2
Cash, cash equivalents, and restricted cash - beginning of period		740	702
Cash, cash equivalents, and restricted cash - end of period(1)	[1]	919	704
Supplemental Disclosures of Non-cash Investing Activities
Purchase of mortgage servicing rights holdback payable		10	40
Sale of mortgage servicing rights holdback receivable		$ 5	$ 27
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets. September 30, 2024 September 30, 2023 Cash and cash equivalents $ 733 $ 553 Restricted cash 186 151 Total cash, cash equivalents, and restricted cash $ 919 $ 704

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024		Dec. 31, 2023	Sep. 30, 2023		Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 733		$ 571	$ 553
Restricted cash	186		169	151
Total cash, cash equivalents, and restricted cash	$ 919	[1]	$ 740	$ 704	[1]	$ 702
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets. September 30, 2024 September 30, 2023 Cash and cash equivalents $ 733 $ 553 Restricted cash 186 151 Total cash, cash equivalents, and restricted cash $ 919 $ 704

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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®, Xome® and Rushmore Servicing®. Mr. Cooper is one of the largest home loan servicers and a major mortgage originator in the country focused on delivering a variety of servicing and lending products, services and technologies. 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, 2023. The interim condensed consolidated financial statements are unaudited; however, in the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation of the results of the interim periods have been included. Dollar amounts are reported in millions, except per share data and other key metrics, unless otherwise noted. Basis of Consolidation The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, other entities in which the Company has a controlling financial interest and those variable interest entities (“VIE”) where the Company’s wholly-owned subsidiaries are the primary beneficiaries. Assets and liabilities of VIEs and their respective results of operations are consolidated from the date that the Company became the primary beneficiary through the date the Company ceases to be the primary beneficiary. The Company applies the equity method of accounting to investments where it is able to exercise significant influence, but not control, over the policies and procedures of the entity and owns less than 50% of the voting interests. 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, and such differences could be material, due to factors such as adverse changes in the economy, 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. Recent Accounting Guidance Adopted

Business Combinations and Asset

Business Combinations and Asset Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	2. Acquisitions Acquisition of Assets During the second quarter of 2023, the Company acquired certain assets and liabilities of Rushmore Loan Management Services LLC (“Rushmore”) for a total purchase price of $34 (the “Rushmore Transaction”). Assets acquired were recorded in the Servicing segment and primarily included subservicing contracts and related servicing advances and receivables. The Company accounted for the transaction as an asset acquisition in accordance with Accounting Standard Codification Topic 805, Business Combinations ( “ASC 805” ) , whereby the purchase price represents relative fair value of assets and liabilities acquired. Acquisition of Roosevelt Management Company and Affiliated Companies In July 2023, the Company acquired all the equity interests of Roosevelt Management Company, LLC (“Roosevelt”), an investment management firm, and its affiliated subsidiaries including Rushmore Loan Management Services LLC, which was subsequently renamed to Cypress Loan Servicing LLC, and other entities, for a total purchase price of $28 (“Roosevelt Transaction”). The Company accounted for the transaction as a business combination in accordance with ASC 805 using the acquisition method of accounting. Under the acquisition method of accounting, the Company allocated the purchase price of the acquisition to identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with the excess of the purchase price over those fair values allocated to goodwill. The Company recorded $4 of intangible assets and $21 of goodwill based on the purchase price allocation. $5 and $16 of the goodwill is assigned to Servicing segment and Corporate/Other segment, respectively. The goodwill will be deductible for tax purposes. The financial results of Rushmore and Roosevelt were included in Servicing segment and Corporate/Other segment, respectively. The Company finalized its allocation of fair value of consideration transferred during the three months ended December 31, 2023. Acquisition of Home Point Capital Inc. In May 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) and a mortgage servicing rights purchase and sale agreement (“Purchase Agreement”) with Home Point Capital Inc. (“Home Point”), a Delaware corporation. Per the Merger Agreement, the Company agreed to commence a tender offer to acquire all of the outstanding shares of common stock of Home Point, other than certain excluded shares. The Home Point transactions closed in the third quarter of 2023 for total consideration of approximately $658. The Purchase Agreement was a bulk purchase of a portion of Home Point’s MSR portfolio for $335. The Merger Agreement was the tender offer to acquire outstanding shares of common stock of Home Point, which included the benefit of the cash paid in the bulk purchase of Home Point’s MSR portfolio. The net consideration paid for the two transactions was $323, or $2.33 per share. The Company accounted for the two transactions as one business combination (“Home Point Acquisition”) in accordance with ASC 805 using the acquisition method of accounting. Under the acquisition method of accounting, the Company allocated the purchase price of the acquisition to identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The Company acquired $1.2 billion mortgage servicing rights (“MSRs”) and assumed an unsecured senior note with a principal balance of $500, among other acquired net assets. During the third quarter of 2023, the Company recorded a preliminary bargain purchase gain of $96 in “other income (expense), net” . In June 2024, the Company finalized its review of tax matters related to the Home Point Acquisition, resulting in an increase of $4 in other liabilities and a reduction of $4 in the previously recorded bargain purchase gain. Purchase accounting for the Home Point Acquisition is now finalized and the final bargain purchase gain related to the acquisition was $92 . The Company believes it was able to negotiate a bargain purchase price due to seller’s operational challenges from significant market volatility, as well as the seller’s desire to exit the business in an expedited manner. Acquisition of Certain Mortgage Operations of Flagstar Bank, N.A. On July 24, 2024, the Company entered into definitive agreements to acquire certain mortgage operation assets of Flagstar Bank, N.A., including approximately $1.1 billion in mortgage servicing rights (“MSR”) and related advances, subservicing contracts, and a third-party originations platform. This purchase will be funded through available cash and drawdowns of existing MSR lines. Upon closing, the Company expects to onboard 1.3 million customers and add approximately $350 billion in UPB. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

Mortgage Servicing Rights and R

Mortgage Servicing Rights and Related Liabilities	9 Months Ended
	Sep. 30, 2024
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 MSR and the related liabilities. In estimating the fair value of all MSRs and related liabilities, the impact of the current environment was considered in the determination of key assumptions. MSRs and Related Liabilities September 30, 2024 December 31, 2023 MSRs - fair value $ 10,035 $ 9,090 Excess spread financing at fair value $ 403 $ 437 Mortgage servicing rights financing at fair value 40 29 MSR related liabilities - nonrecourse at fair value $ 443 $ 466 Mortgage Servicing Rights The following table sets forth the activities of MSRs: Nine Months Ended September 30, MSRs - Fair Value 2024 2023 Fair value - beginning of period $ 9,090 $ 6,654 Additions: Servicing retained from mortgage loans sold 267 219 Purchases and acquisitions of servicing rights 1,640 2,305 Dispositions: Sales of servicing assets and excess yield (297) (555) Changes in fair value: Changes in valuation inputs or assumptions used in the valuation model (MSR MTM) (44) 304 Changes in valuation due to amortization (650) (444) Other changes (1) 29 21 Fair value - end of period $ 10,035 $ 8,504 (1) Amounts primarily represent negative fair values reclassified from the MSR asset to reserves as underlying loans are removed from the MSR and other reclassification adjustments. During the nine months ended September 30, 2024 and 2023, the Company sold $7,716 and $23,789 in unpaid principal balance (“UPB”) of MSRs, of which $7,319 and $22,640 were retained by the Company as subservicer, respectively. During the nine months ended September 30, 2024 and 2023, certain agencies entered into agreements with the Company to purchase excess servicing cash flows (“excess yield”) on certain agency loans with a total UPB of approximately $27,841 and $41,958 for proceeds of $226 and $294, respectively. During the nine months ended September 30, 2024 and 2023, the Company recorded a gain of $27 and $33, respectively, through the mark-to-market adjustments within “revenues - service related, net” in the condensed consolidated statements of operations. MSRs are segregated between investor type into agency and non-agency pools (referred to herein as “investor pools”) based upon contractual servicing agreements with investors at the respective balance sheet date to evaluate the MSR portfolio and fair value of the portfolio. Agency investors consist of Government National Mortgage Association (“Ginnie Mae” or “GNMA”) and the GSEs, Federal National Mortgage Association (“Fannie Mae” or “FNMA”) and Federal Home Loan Mortgage Corp (“Freddie Mac” or “FHLMC”). 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: September 30, 2024 December 31, 2023 MSRs - UPB and Fair Value Breakdown by Investor Pools UPB Fair Value UPB Fair Value Agency $ 652,901 $ 9,686 $ 561,656 $ 8,774 Non-agency 25,211 349 26,286 316 Total $ 678,112 $ 10,035 $ 587,942 $ 9,090 Refer to Note 13, Fair Value Measurements , for further discussion on key weighted-average inputs and assumptions used in estimating the fair value of MSRs. The following table shows the hypothetical effect on the fair value of the Company’s MSRs when applying certain unfavorable variations of key assumptions to these assets for the dates indicated: Option Adjusted Spread 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 September 30, 2024 Mortgage servicing rights $ (392) $ (754) $ (293) $ (567) $ (81) $ (162) December 31, 2023 Mortgage servicing rights $ (368) $ (706) $ (219) $ (425) $ (89) $ (178) 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 $403 and $437, related to the UPB of $68,594 and $74,219 as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 13, Fair Value Measurements , for key weighted-average inputs and assumptions used in the valuation of excess spread financing liability. The following table shows the hypothetical effect on the Company’s excess spread financing fair value when applying certain unfavorable variations of key assumptions to these liabilities for the dates indicated: Option Adjusted Spread Prepayment Speeds Excess Spread Financing - Hypothetical Sensitivities 100 bps Adverse Change 200 bps Adverse Change 10% Adverse Change 20% Adverse Change September 30, 2024 Excess spread financing $ 14 $ 29 $ 9 $ 19 December 31, 2023 Excess spread financing $ 16 $ 32 $ 10 $ 20 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 $40 and $29 as of September 30, 2024 and December 31, 2023, respectively. Refer to Note 13, Fair Value Measurements , for key weighted-average inputs and assumptions used in the valuation of the MSR financing liability. Revenues - Service related, net The following table sets forth the items comprising total “revenues - service related, net”: Three Months Ended September 30, Nine Months Ended September 30, Revenues - Service related, net 2024 2023 2024 2023 Contractually specified servicing fees (1) $ 556 $ 440 $ 1,617 $ 1,231 Other service-related income (1) 18 25 56 58 Incentive and modification income (1) 16 18 50 32 Servicing late fees (1) 33 24 94 68 Mark-to-market adjustments - Servicing MSR MTM (388) 270 (44) 304 Gain (loss) on MSR hedging activities 289 (192) 64 (244) (Loss) gain on MSR sales (1) (3) 10 29 Reclassifications to reserve provision (2) (5) (8) (17) (26) Excess spread / MSR financing MTM (20) (4) (26) 2 Total mark-to-market adjustments - Servicing (125) 63 (13) 65 Amortization, net of accretion MSR amortization (245) (171) (650) (444) Excess spread accretion 10 11 28 32 Total amortization, net of accretion (235) (160) (622) (412) Originations service related fees (3) 24 18 59 45 Corporate/Xome service related fees 18 22 60 62 Other (4) (17) (18) (50) (54) Total revenues - Service related, net $ 288 $ 432 $ 1,251 $ 1,095 (1) The Company recognizes revenue on an earned basis for services performed. Amounts include subservicing related revenues. Amounts also include servicing fees from loans sold with servicing retained of $189 and $175 for the three months ended September 30, 2024 and 2023, respectively, and $563 and $528 for the nine months ended September 30, 2024 and 2023, respectively. (2) Reclassifications to reserve provision include the impact of negative modeled cash flows which have been transferred to reserves on advances and other receivables. The negative modeled cash flows relate to advances and other receivables associated with inactive and liquidated loans that are no longer part of the MSR portfolio. (3) Amounts include fees collected from customers for originated loans and from other lenders for loans purchased through the correspondent channel, and include loan application, underwriting, and other similar fees. (4) Other represents the excess servicing fee that the Company pays to the counterparties under the excess spread financing arrangements, portfolio runoff and the payments made associated with MSR financing arrangements.

Advances and Other Receivables

Advances and Other Receivables	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 December 31, 2023 Servicing advances, net of $7 and $13 purchase discount $ 1,012 $ 1,065 Receivables from agencies, investors and prior servicers, net of zero and $6 purchase discount 43 101 Reserves (115) (170) Total advances and other receivables, net $ 940 $ 996 The following table sets forth the activities of the servicing reserves for advances and other receivables: Three Months Ended September 30, Nine Months Ended September 30, Reserves for Advances and Other Receivables 2024 2023 2024 2023 Balance - beginning of period $ 149 $ 156 $ 170 $ 137 Provision (1) 8 8 19 26 Reclassifications (2) 6 11 23 27 Write-offs (3) (48) (11) (97) (26) Balance - end of period $ 115 $ 164 $ 115 $ 164 (1) The Company recorded a provision of $5 and $8 through the MTM adjustments in “revenues - service related, net” in the condensed consolidated statements of operations during the three months ended September 30, 2024 and 2023, respectively and a provision of $17 and $26 during the nine months ended September 30, 2024 and 2023, respectively. (2) Reclassifications represent required reserves provisioned within other balance sheet accounts as associated serviced loans become inactive or liquidate. (3) Write-offs represent balances removed from the servicing platform during the respective periods, including fully reserved balances related to third-party settlements where further loss recovery of prior servicer errors is limited. 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 September 30, 2024 2023 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 $ 12 $ — $ 9 $ 7 Additions — — 4 — Utilization of purchase discounts (5) — (1) — Balance - end of period $ 7 $ — $ 12 $ 7 Nine Months Ended September 30, 2024 2023 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 $ 13 $ 6 $ 12 $ 7 Additions — — 4 — Utilization of purchase discounts (6) (6) (4) — Balance - end of period $ 7 $ — $ 12 $ 7 Credit Loss for Advances and Other Receivables The following table sets forth the activities of the CECL allowance for advances and other receivables: Three Months Ended September 30, Nine Months Ended September 30, CECL Allowance for Advances and Other Receivables 2024 2023 2024 2023 Balance - beginning of period $ 19 $ 37 $ 35 $ 36 Provision 1 (1) 4 — Write-offs (1) (2) — (21) — Balance - end of period (2) $ 18 $ 36 $ 18 $ 36 (1) Write-offs represent balances removed from the servicing platform during the respective periods, including fully reserved balances related to third-party settlements where further loss recovery of prior servicer errors is limited. (2) As of September 30, 2024, $18 was recorded in reserves. As of September 30, 2023, $29 and $7 were recorded in reserves and purchase discount for advances and other receivables, respectively. The Company determined that the credit-related risk associated with applicable financial instruments typically increases with the passage of time. The CECL reserve methodology considers these financial instruments collectible to a point in time of 39 months. Any projected remaining balance at the end of the collection period is considered a loss and factors into the overall CECL loss rate required.

Mortgage Loans Held for Sale

Mortgage Loans Held for Sale	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 December 31, 2023 Mortgage loans held for sale – UPB $ 1,916 $ 924 Mark-to-market adjustment (1) 46 3 Total mortgage loans held for sale $ 1,962 $ 927 (1) The mark-to-market adjustment includes net change in unrealized gain/loss, premium on correspondent loans and fees on direct-to-consumer loans. The mark-to-market adjustment is recorded in “revenues - net gain on mortgage loans held for sale” in the condensed consolidated statements of operations. The following table sets forth the activities of mortgage loans held for sale: Nine Months Ended September 30, Mortgage Loans Held for Sale 2024 2023 Balance - beginning of period $ 927 $ 893 Loans sold (at carrying value) and loan payments received (13,821) (11,146) Mortgage loans originated and purchased, net of fees 13,664 10,155 Repurchase of loans out of Ginnie Mae securitizations (1) 1,171 984 Net change in unrealized gain on retained loans held for sale 23 10 Net transfers of mortgage loans held for sale (2) (2) (3) Balance - end of period $ 1,962 $ 893 (1) The Company has the optional right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets certain criteria, including being delinquent greater than 90 days. The majority of Ginnie Mae repurchased loans are repurchased in connection with loan modifications and loan resolution activity, with the intent to re-pool into new Ginnie Mae securitizations upon re-performance of the loan or to otherwise sell to third-party investors. Therefore, these loans are classified as held for sale. (2) Amounts reflect transfers to other assets for loans transitioning into REO status and transfers to advances and other receivables, net, for claims made on certain government insurance mortgage loans. Transfers out are net of transfers in upon receipt of proceeds from an REO sale or claim filing. For the nine months ended September 30, 2024 and 2023, the Company recorded a total realized gain of $41 and $42 from total sales proceeds of $13,896 and $10,990, respectively, on the sale of mortgage loans held for sale. The total UPB and fair value of mortgage loans held for sale on non-accrual status was as follows: September 30, 2024 December 31, 2023 Mortgage Loans Held for Sale UPB Fair Value UPB Fair Value Non-accrual (1) $ 47 $ 37 $ 42 $ 36 (1) Non-accrual UPB includes $34 and $35 of UPB related to Ginnie Mae repurchased loans as of September 30, 2024 and December 31, 2023, respectively. The total UPB of mortgage loans held for sale for which the Company has begun formal foreclosure proceedings was $46 and $30 as of September 30, 2024 and December 31, 2023, respectively.

Loans Subject to Repurchase fro

Loans Subject to Repurchase from Ginnie Mae	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Loans Subject to Repurchase from Ginnie Mae	6. Loans Subject to Repurchase from Ginnie Mae Loans are sold to Ginnie Mae in conjunction with the issuance of mortgage-backed securities. The Company, as the issuer of the mortgage-backed securities, has the unilateral right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets certain criteria, including payments not being received from borrowers for greater than 90 days. Once the Company has the unilateral right to repurchase a delinquent loan, it has effectively regained control over the loan and recognizes these rights to the loan on its condensed consolidated balance sheets and establishes a corresponding repurchase liability regardless of the Company’s intention to repurchase the loan. The Company had loans subject to repurchase from Ginnie Mae of $971 and $966 as of September 30, 2024 and December 31, 2023, respectively, which are included in both “other assets” and “paya bles and other liabilities” in the condensed consolidated balance sheets

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7. Goodwill and Intangible Assets The Company had goodwill of $141 as of September 30, 2024 and December 31, 2023, and intangible assets of $23 and $28

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	8. Derivative Financial Instruments Derivative instruments are used as part of the overall strategy to manage exposure to interest rate risks related to mortgage loans held for sale and IRLCs (“the pipeline”) and the MSR portfolio. The Company economically hedges the pipeline separately from the MSR portfolio primarily using third-party derivative instruments. Such derivative instruments utilized by the Company include IRLCs, LPCs, forward MBS and Treasury futures. The changes in value on the derivative instruments associated with pipeline hedging are recorded in earnings as a component of “revenues - net gain on mortgage loans held for sale” on the condensed consolidated statements of operations and condensed consolidated statement of cash flows, while changes in the value of derivative instruments associated with the MSR portfolio fair value are recorded in “revenues - service related, net” on the condensed consolidated statements of operations and in “loss on MSR hedging activities” on the condensed consolidated statements of cash flows. The following tables provide the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments. Gains/(losses) include both realized and unrealized gains/(losses) of each derivative financial instrument. September 30, 2024 Nine Months Ended September 30, 2024 Derivative Financial Instruments Expiration Outstanding Fair Gain/(Loss) Assets Mortgage loans held for sale Loan sale commitments 2024 $ 992 $ 27 $ 16 Derivative financial instruments IRLCs 2024 $ 1,464 $ 41 $ 21 LPCs 2024 558 3 — Forward MBS trades 2024 2,152 7 156 Treasury futures 2024 4,272 16 113 Total derivative financial instruments - assets $ 8,446 $ 67 $ 290 Liabilities Derivative financial instruments IRLCs 2024 $ 49 $ — $ — LPCs 2024 571 3 (2) Forward MBS trades 2024 9,633 44 (237) Total derivative financial instruments - liabilities $ 10,253 $ 47 $ (239) September 30, 2023 Nine Months Ended September 30, 2023 Derivative Financial Instruments Expiration Outstanding Fair Gain/(Loss) Assets Mortgage loans held for sale Loan sale commitments 2023 $ 304 $ 6 $ (4) Derivative financial instruments IRLCs 2023 $ 813 $ 22 $ — LPCs 2023 121 1 — Forward MBS trades 2023 1,383 13 74 Treasury futures 2023 5 — — Total derivative financial instruments - assets $ 2,322 $ 36 $ 74 Liabilities Derivative financial instruments IRLCs 2023 $ 40 $ — $ — LPCs 2023 288 2 — Forward MBS trades 2023 1,249 28 (97) Treasury futures 2023 2,353 65 (196) Total derivative financial instruments - liabilities $ 3,930 $ 95 $ (293)

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Indebtedness	9. Indebtedness Advance, Warehouse and MSR Facilities September 30, 2024 December 31, 2023 Maturity Date Collateral Capacity Amount Outstanding Collateral Pledged Outstanding Collateral Pledged Advance Facilities $500 advance facility (1) Jul 2026 Servicing advance receivables $ 500 $ 211 $ 304 $ — $ — $500 advance facility (2) Aug 2026 Servicing advance receivables 500 253 285 250 326 $350 advance facility Oct 2026 Servicing advance receivables 350 113 144 132 169 $300 advance facility (3) Nov 2024 Servicing advance receivables 300 — — 273 364 $30 advance facility (4) Dec 2024 Servicing advance receivables 30 27 40 27 49 Advance facilities principal amount 604 773 682 908 Warehouse Facilities $1,500 warehouse facility Jun 2025 Mortgage loans or MBS 1,500 61 61 107 104 $1,200 warehouse facility (5) Sep 2026 Mortgage loans or MBS 1,200 426 473 158 177 $750 warehouse facility Jan 2025 Mortgage loans or MBS 750 82 105 137 176 $750 warehouse facility Oct 2025 Mortgage loans or MBS 750 530 558 155 166 $500 warehouse facility Jun 2025 Mortgage loans or MBS 500 72 75 72 78 $350 warehouse facility (6) Aug 2025 Mortgage loans or MBS 350 276 282 73 75 $200 warehouse facility Dec 2024 Mortgage loans or MBS 200 180 186 82 84 $200 warehouse facility Jan 2025 Mortgage loans or MBS 200 — — 12 21 $100 warehouse facility Apr 2025 Mortgage loans or MBS 100 80 89 25 33 $100 warehouse facility Apr 2025 Mortgage loans or MBS 100 — — — — $100 warehouse facility (4) Dec 2024 Mortgage loans or MBS 100 56 56 1 1 $1 warehouse facility Dec 2024 Mortgage loans or MBS 1 — — — — Warehouse facilities principal amount 1,763 1,885 822 915 MSR Facilities $1,750 warehouse facility Apr 2026 MSR 1,750 550 2,463 980 1,455 $1,500 warehouse facility (1) Jul 2026 MSR 1,500 470 2,212 — — $1,450 warehouse facility (3) Nov 2024 MSR 1,450 — — 300 2,164 $950 warehouse facility (5) Sep 2026 MSR 950 155 1,287 545 1,306 $500 warehouse facility Jun 2026 MSR 500 250 501 — — $500 warehouse facility Jul 2026 MSR 500 100 722 405 655 $500 warehouse facility Apr 2026 MSR 500 250 740 305 634 $500 warehouse facility Jun 2026 MSR 500 150 745 250 677 $500 warehouse facility Jul 2026 MSR 500 100 353 — — $50 warehouse facility Nov 2025 MSR 50 10 78 29 67 MSR facilities principal amount 2,035 9,101 2,814 6,958 Advance, warehouse and MSR facilities principal amount 4,402 $ 11,759 4,318 $ 8,781 Unamortized debt issuance costs (23) (16) Advance, warehouse and MSR facilities, net $ 4,379 $ 4,302 (1) Total capacity for this facility is $2,000, of which $500 is internally allocated for advance financing and $1,500 is internally allocated for MSR financing; capacity is fully fungible and is not restricted by these allocations. (2) The capacity for this advance facility increased from $300 to $500 during the three months ended September 30, 2024. (3) This facility was terminated in July 2024. (4) Total capacity for this facility is $100, of which $30 is a sublimit for advance financing. (5) The capacity for this facility is $1,200, of which $950 is a sublimit for MSR financing. (6) The capacity for this warehouse facility increased from $350 to $600 in October 2024. The weighted average interest rate for advance facilities was 7.4% and 7.8% for the three months ended September 30, 2024 and 2023, respectively, and 7.6% for the nine months ended September 30, 2024 and 2023. The weighted average interest rate for warehouse and MSR facilities was 7.6% and 7.8% for the three months ended September 30, 2024 and 2023, respectively, and 7.8% and 7.4% for the nine months ended September 30, 2024 and 2023, respectively. Unsecured Senior Notes Unsecured senior notes consist of the following: Unsecured Senior Notes September 30, 2024 December 31, 2023 $1,000 face value, 7.125% interest rate payable semi-annually, due February 2032 (1) $ 1,000 $ — $850 face value, 5.500% interest rate payable semi-annually, due August 2028 850 850 $750 face value, 6.500% interest rate payable semi-annually, due August 2029 (2) 750 — $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 $550 face value, 5.000% interest rate payable semi-annually, due February 2026 500 500 Unsecured senior notes principal amount 4,950 3,200 Purchase discount and unamortized debt issuance costs (65) (49) Unsecured senior notes, net $ 4,885 $ 3,151 (1) In February 2024, the Company completed the offering of $1,000 unsecured senior notes due 2032 (the “2032 Notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities. (2) In August 2024, the Company completed the offering of $750 unsecured senior notes due 2029 (the “2029 Notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities. The ratios included in the indentures for the unsecured senior notes are incurrence-based compared to the customary ratio covenants that are often found in credit agreements that require a company to maintain a certain ratio. The incurrence-based covenants limit the issuer(s) and restricted subsidiaries ability to incur additional indebtedness, pay dividends, make certain investments, create liens, consolidate, merge or sell substantially all of their assets or enter into certain transactions with affiliates. The indentures contain certain events of default, including (subject, in some cases, to customary cure periods and materiality thresholds) defaults based on (i) the failure to make payments under the applicable indenture when due, (ii) breach of covenants, (iii) cross-defaults to certain other indebtedness, (iv) certain bankruptcy or insolvency events, (v) material judgments and (vi) invalidity of material guarantees. 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 nine months ended September 30, 2024 and 2023. As of September 30, 2024, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows: Year Ending December 31, Amount 2024 through 2025 $ — 2026 500 2027 600 2028 850 Thereafter 3,000 Total unsecured senior notes principal amount $ 4,950 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 Nationstar Mortgage LLC, the Company’s primary operating subsidiary, and Cypress Loan Servicing LLC. The Company was in compliance with its required financial covenants as of September 30, 2024.

Securitizations and Financings

Securitizations and Financings	9 Months Ended
	Sep. 30, 2024
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: September 30, 2024 December 31, 2023 Consolidated Transactions with VIEs Transfers Transfers Assets Restricted cash $ 155 $ 111 Advances and other receivables, net 734 495 Total assets $ 889 $ 606 Liabilities Advance facilities, net (1) $ 573 $ 382 MSR facilities, net 464 — Payables and other liabilities 2 1 Total liabilities $ 1,039 $ 383 (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 September 30, 2024 December 31, 2023 Total collateral balances - UPB $ 819 $ 881 Total certificate balances $ 793 $ 849 The Company has not retained any variable interests in the unconsolidated securitization trusts that were outstanding as of September 30, 2024 and December 31, 2023. 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 September 30, 2024 December 31, 2023 Unconsolidated securitization trusts $ 81 $ 91

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	11. Earnings Per Share Basic earnings per share of common stock is computed by dividing net income by the weighted average number of common stock outstanding during the period. Diluted earnings per share of common stock is computed by dividing net income by the sum of the weighted average number of shares of common stock and any dilutive securities outstanding during the period. The Company’s potentially dilutive securities are share-based awards. The Company applies the treasury stock method to determine the dilutive weighted average number of shares of common stock outstanding based on the outstanding share-based awards. As of September 30, 2024 and December 31, 2023, the Company had 10 million preferred shares authorized at par value of $0.00001 per share, with zero shares issued and outstanding and aggregate liquidation preference of zero dollars. The following table sets forth the computation of basic and diluted net income per common share (amounts in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, Computation of Earnings Per Share 2024 2023 2024 2023 Net income $ 80 $ 275 $ 465 $ 454 Weighted average shares of common stock outstanding (in thousands): Basic 64,272 66,424 64,503 67,719 Dilutive effect of stock awards 1,240 1,244 1,356 1,319 Diluted 65,512 67,668 65,859 69,038 Earnings per common share Basic $ 1.24 $ 4.14 $ 7.21 $ 6.70 Diluted $ 1.22 $ 4.06 $ 7.06 $ 6.58

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The effective tax rate for operations was 29.1% and 25.2%, for the three and nine months ended September 30, 2024, and 21.7% and 22.3% for the three and nine months ended September 30, 2023, respectively. The effective tax rates differed from the statutory federal rate of 21% primarily due to state income taxes and nondeductible executive compensation. The change in effective tax rate during the three and nine months ended September 30, 2024, as compared to 2023, is primarily attributable to the impact of bargain purchase gain related to Home Point Acquisition, and quarterly discrete tax items relative to income before taxes for the respective period, including the excess tax benefit from share-based compensation.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
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, 2023. 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: September 30, 2024 Recurring Fair Value Measurements Fair Value - Recurring Basis Total Fair Value Level 1 Level 2 Level 3 Assets Mortgage servicing rights $ 10,035 $ — $ — $ 10,035 Mortgage loans held for sale 1,962 — 1,897 65 Equity investments 9 1 — 8 Derivative financial instruments IRLCs 41 — — 41 LPCs 3 — — 3 Forward MBS trades 7 — 7 — Treasury Futures 16 — 16 — Liabilities Derivative financial instruments LPCs 3 — — 3 Forward MBS trades 44 — 44 — Excess spread financing 403 — — 403 Mortgage servicing rights financing 40 — — 40 December 31, 2023 Recurring Fair Value Measurements Fair Value - Recurring Basis Total Fair Value Level 1 Level 2 Level 3 Assets Mortgage servicing rights $ 9,090 $ — $ — $ 9,090 Mortgage loans held for sale 927 — 846 81 Equity investments 9 1 — 8 Derivative financial instruments Treasury futures 113 — 113 — IRLCs 21 — — 21 Forward MBS trades 22 — 22 — LPCs 3 — — 3 Liabilities Derivative financial instruments Forward MBS trades 9 — 9 — Excess spread financing 437 — — 437 Mortgage servicing rights financing 29 — — 29 The tables below set forth the activities for all of the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis: Nine Months Ended September 30, 2024 Assets Liabilities Fair Value - Level 3 Assets and Liabilities Mortgage servicing rights Mortgage loans held for sale Equity investments IRLCs Excess spread financing Mortgage servicing rights financing Balance - beginning of period $ 9,090 $ 81 $ 8 $ 21 $ 437 $ 29 Changes in fair value included in earnings (694) 2 — 20 15 11 Purchases/additions (1) 1,640 95 — — — — Issuances 267 — — — — — Sales/dispositions (2) (297) (110) — — — — Repayments — (3) — — — — Settlements — — — — (49) — Other changes 29 — — — — — Balance - end of period $ 10,035 $ 65 $ 8 $ 41 $ 403 $ 40 Nine Months Ended September 30, 2023 Assets Liabilities Fair Value - Level 3 Assets and Liabilities Mortgage servicing rights Mortgage loans held for sale Equity investments IRLCs Excess spread financing Mortgage servicing rights financing Balance - beginning of period $ 6,654 $ 74 $ 45 $ 22 $ 509 $ 19 Changes in fair value included in earnings (140) 3 (37) — (4) 2 Purchases/additions (1) 2,305 130 — — — — Issuances 219 — — — — — Sales/dispositions (2) (555) (105) — — — — Repayments — (3) — — (5) — Settlements — — — — (54) — Other changes 21 2 — — — — Balance - end of period $ 8,504 $ 101 $ 8 $ 22 $ 446 $ 21 (1) Additions for mortgages loans held for sale include loans that are purchased or transferred in. (2) Dispositions for mortgage loans held for sales include loans that are sold or transferred out. The Company had immaterial LPCs assets and liabilities as of September 30, 2024 and 2023. No transfers were made in or out of Level 3 fair value assets and liabilities for the Company during the nine months ended September 30, 2024 and 2023. The table below presents the quantitative information for significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities. September 30, 2024 December 31, 2023 Range Weighted Average Range Weighted Average Level 3 Inputs Min Max Min Max MSRs (1) Option adjusted spread (2) 6.8 % 12.3 % 7.6 % 6.9 % 12.3 % 8.0 % Prepayment speed 6.8 % 10.2 % 9.0 % 6.8 % 9.3 % 7.5 % Cost to service per loan (3) $ 47 $ 119 $ 62 $ 56 $ 160 $ 80 Average life (4) 7.3 years 7.9 years Mortgage loans held for sale Market pricing 45.0 % 103.5 % 79.1 % 45.0 % 103.4 % 81.1 % IRLCs Value of servicing (reflected as a percentage of loan commitment) — % 3.4 % 1.6 % 1.1 % 3.5 % 1.9 % Excess spread financing (1) Option adjusted spread (2) 6.9 % 12.3 % 8.7 % 7.0 % 12.3 % 8.8 % Prepayment speed 7.3 % 8.4 % 8.0 % 7.7 % 9.1 % 8.4 % Average life (4) 6.7 years 6.7 years Mortgage servicing rights financing Advance financing and counterparty fee rates 7.0 % 9.0 % 8.3 % 6.6 % 9.2 % 7.6 % Annual advance recovery rates 15.4 % 16.9 % 16.4 % 12.2 % 14.8 % 13.0 % (1) The inputs are weighted by investor. (2) OAS represents incremental spread above a risk-free rate (one-month SOFR), which is an observable input. (3) Presented in whole dollar amounts. (4) Average life is included for informational purposes. The tables below present a summary of the estimated carrying amount and fair value of the Company’s financial instruments not carried at fair value: September 30, 2024 Carrying Fair Value Financial Instruments Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 733 $ 733 $ — $ — Restricted cash 186 186 — — Advances and other receivables, net 940 — — 940 Loans subject to repurchase from Ginnie Mae 971 — 971 — Financial liabilities Unsecured senior notes, net 4,885 — 4,963 — Advance, warehouse and MSR facilities, net 4,379 — 4,402 — Liability for loans subject to repurchase from Ginnie Mae 971 — 971 — December 31, 2023 Carrying Fair Value Financial Instruments Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 571 $ 571 $ — $ — Restricted cash 169 169 — — Advances and other receivables, net 996 — — 996 Loans subject to repurchase from Ginnie Mae 966 — 966 — Financial liabilities Unsecured senior notes, net 3,151 — 3,056 — Advance, warehouse and MSR facilities, net 4,302 — 4,318 — Liability for loans subject to repurchase from Ginnie Mae 966 — 966 —

Capital Requirements

Capital Requirements	9 Months Ended
	Sep. 30, 2024
Mortgage Banking [Abstract]
Capital Requirements	14. Capital Requirements Fannie Mae, Freddie Mac, Ginnie Mae and certain private label mortgage investors require the Company to maintain minimum net worth (“capital”) requirements, as specified in the respective selling and servicing agreements. In addition, these investors may require capital ratios in excess of the stated requirements to approve large servicing transfers. To the extent that these requirements are not met, the Company’s secondary market investors may utilize a range of remedies ranging from sanctions, suspension or ultimately termination of the Company’s selling and servicing agreements, which would prohibit the Company from further originating or securitizing these specific types of mortgage loans or being an approved servicer. The Company’s various capital requirements related to its outstanding selling and servicing agreements are measured based on the Company’s primary operating subsidiary, Nationstar Mortgage LLC, as well as Cypress Loan Servicing LLC which was acquired during the third quarter of 2023 in connection with the Roosevelt Transaction. As of September 30, 2024, the Company was in compliance with its selling and servicing capital requirements.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Litigation and Regulatory The Company and its subsidiaries are routinely and currently involved in a number of legal proceedings, including, but not limited to, judicial, arbitration, regulatory and governmental proceedings related to matters that arise in connection with the conduct of the Company’s business. While it is not possible to predict the outcome of any of these matters, based on the Company’s assessment of the facts and circumstances, it does not believe any of these matters, individually or in the aggregate, will have a material adverse effect on the financial position, results of operations or cash flows of the Company. However, actual outcomes may differ from those expected and could have a material effect on the Company’s financial position, results of operations, or cash flows in a future period. On November 3, 2023, a putative class action lawsuit was filed against the Company, captioned Cabezas v. Mr. Cooper Group, Inc., No. 23-cv-02453 (“Cabezas”), in the United States District Court for the Northern District of Texas, by plaintiff Jennifer Cabezas purportedly on behalf of a class consisting of those persons impacted by the cybersecurity incident that occurred on October 31, 2023. The class action complaint alleged claims for negligence, negligence per se, breach of express contract, breach of implied contract, invasion of privacy, unjust enrichment, breach of confidence, and breach of fiduciary duty based upon allegations that the Company did not employ reasonable and adequate security measures to protect customer personal information accessed in the cybersecurity incident. The Cabezas complaint sought damages, declaratory and injunctive relief, and an award of costs, attorney fees and expenses, among other relief. Between November 2023 and February 7, 2024, 26 additional putative class actions were filed against the Company asserting substantially similar claims and allegations as those asserted in the Cabezas action. The Cabezas court consolidated all 26 pending cases with the Cabezas action, and the 26 separate matters were administratively closed. By Order dated June 25, 2024, the Cabezas court set July 15, 2024 as the last day for Plaintiffs to file a Consolidated Amended Complaint. On July 15, 2024, plaintiffs Jose Ignacio Garrigo, Izabela Debowcsyk, Joshua Watson, Brett Padalecki, Chris Leptiak, Denver Dale, Emily Burke, Mary Crawford, Kay Pollard, Jonathan Josi, Jeff Price, Mychael Marrone, Katy Ross, Lynette Williams, Karen Lynn Williams, Gary Allen, Larry Siegal, Rohit Burani, Elizabeth Curry, Justin Snider, Linda Hansen, and Deira Robertson (collectively, “Plaintiffs”) filed a Consolidated Class Action Complaint on behalf of themselves and an alleged putative nationwide class of “All individuals residing in the United States whose PII was accessed and/or acquired as a result of the Data Breach announced by Mr. Cooper in or around November 2023,” as well as 15 state subclasses. Plaintiffs assert seven of the same claims as in the original Cabezas complaint, (1) Breach of Express Contract; (2) Breach of Implied Contract; (3) Negligence; (4) Negligence Per Se; (5) Unjust Enrichment; (6) Invasion of Privacy; (7) Breach of Confidence; as well as a claim for Declaratory and Injunctive Relief, and 19 state law claims. The Consolidated Class Action Complaint seeks damages, injunctive relief, disgorgement and restitution, and an award of costs, attorney fees and expenses, among other relief. The Cabezas court set September 13, 2024 as the last day for Defendants to move to dismiss the Consolidated Class Action Complaint. On September 13, 2024, the Company filed a motion to dismiss the Consolidated Class Action Complaint. The Company will continue to monitor legal matters for further developments that could affect the amount of the accrued liability that has been previously established. Legal-related expenses for the Company include legal settlements and the fees paid to external legal service providers and are included in general and administrative expenses on the condensed consolidated statements of operations. The Company recorded legal-related expenses, net of recoveries, which includes legal settlements and fees paid to external legal service providers, of $15 and $34 during the three and nine months ended September 30, 2024, respectively, $8 and $29 during the three and nine months ended September 30, 2023, respectively, which are included in “expenses - general and administrative” on the condensed consolidated statements of operations. Management currently believes the aggregate range of reasonably possible loss is $1 to $3 in excess of the accrued liability (if any) related to those matters as of September 30, 2024. For some of these matters, the Company is able to estimate reasonably possible losses above existing reserves and for other matters, such an estimate is not possible at this time. This estimated range of possible loss is based upon currently available information and is subject to significant judgment, numerous assumptions and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary substantially from the current estimate. Other Loss Contingencies As part of the Company’s ongoing operations, it acquires servicing rights of mortgage loan portfolios that are subject to indemnification based on the representations and warranties of the seller. From time to time, the Company will seek recovery under these representations and warranties for incurred costs. As of September 30, 2024, 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. As a seller of mortgage loans to Agencies and other third parties, the Company may be required to indemnify or repurchase mortgage loans that fail to meet certain customary representations and warranties made in conjunction with sales of mortgage loans. The repurchase reserve liability related to such customary representations and warranties was $74 and $79 as of September 30, 2024 and December 31, 2023, respectively, which are included in “payables and other liabilities” within the condensed consolidated balance sheets. 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	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	16. Segment Information The Company’s segments reflect the internal reporting the Company uses to evaluate operating performance and are based upon the Company’s organizational structure, which focuses primarily on the services offered. Our operations are primarily conducted through two segments: Servicing and Originations. A brief description of these segments is as follows: Servicing: This segment performs operational activities on behalf of investors or owners of the underlying mortgages and mortgage servicing rights, including collecting and disbursing borrower payments, investor reporting, customer service, modifying loans where appropriate to help borrowers stay current, and when necessary performing collections, foreclosures, and the sale of REO. In the third quarter of 2023, the Company expanded its special servicing and subservicing offerings with the acquisition and subsequent integration of Rushmore as a brand within the Servicing segment. Originations : This segment originates residential mortgage loans through the direct-to-consumer channel, which provides refinance options for the Company’s existing customers, and through the correspondent channel, which purchases or originates loans from mortgage bankers. Corporate/Other : Functional expenses are allocated to individual segments based on the actual cost of services performed, direct resource utilization, or headcount percentage for shared services. 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 the Company’s operating segments. Revenues generated on inter-segment services performed are valued based on similar services provided to external parties. Eliminations are included in Corporate/Other. The following tables present financial information by segment: Three Months Ended September 30, 2024 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 246 $ 24 $ 18 $ 288 Net gain on mortgage loans held for sale 10 126 — 136 Total revenues 256 150 18 424 Total expenses 180 83 72 335 Interest income 201 25 1 227 Interest expense (100) (23) (76) (199) Other expenses, net — — (5) (5) Total other income (expenses), net 101 2 (80) 23 Income (loss) before income tax expense (benefit) $ 177 $ 69 $ (134) $ 112 Depreciation and amortization for property and equipment and intangible assets $ 2 $ — $ 7 $ 9 Total assets $ 12,462 $ 2,001 $ 1,723 $ 16,186 Three Months Ended September 30, 2023 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 392 $ 18 $ 22 $ 432 Net gain on mortgage loans held for sale 72 70 — 142 Total revenues 464 88 22 574 Total expenses 172 58 71 301 Interest income 157 10 — 167 Interest expense (88) (11) (47) (146) Other income, net — — 58 58 Total other income (expenses), net 69 (1) 11 79 Income (loss) before income tax expense (benefit) $ 361 $ 29 $ (38) $ 352 Depreciation and amortization for property and equipment and intangible assets $ 4 $ 2 $ 4 $ 10 Total assets $ 10,916 $ 868 $ 1,643 $ 13,427 Nine Months Ended September 30, 2024 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 1,132 $ 59 $ 60 $ 1,251 Net gain on mortgage loans held for sale 30 290 — 320 Total revenues 1,162 349 60 1,571 Total expenses 536 214 202 952 Interest income 521 52 1 574 Interest expense (303) (48) (205) (556) Other expenses, net — — (16) (16) Total other income (expenses), net 218 4 (220) 2 Income (loss) before income tax expense (benefit) $ 844 $ 139 $ (362) $ 621 Depreciation and amortization for property and equipment and intangible assets $ 7 $ 2 $ 16 $ 25 Total assets $ 12,462 $ 2,001 $ 1,723 $ 16,186 Nine Months Ended September 30, 2023 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 988 $ 45 $ 62 $ 1,095 Net gain on mortgage loans held for sale 75 220 — 295 Total revenues 1,063 265 62 1,390 Total expenses 484 173 183 840 Interest income 343 26 — 369 Interest expense (224) (28) (126) (378) Other income, net — — 44 44 Total other income (expenses), net 119 (2) (82) 35 Income (loss) before income tax expense (benefit) $ 698 $ 90 $ (203) $ 585 Depreciation and amortization for property and equipment and intangible assets $ 9 $ 6 $ 13 $ 28 Total assets $ 10,916 $ 868 $ 1,643 $ 13,427

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
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, 2023.
Basis of consolidation	Basis of Consolidation
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, and such differences could be material, due to factors such as adverse changes in the economy, 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.
Recent accounting guidance adopted	Recent Accounting Guidance Adopted

Mortgage Servicing Rights and_2

Mortgage Servicing Rights and Related Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Transfers and Servicing [Abstract]
Schedule of servicing assets at fair value	The following table sets forth the carrying value of the Company’s MSR and the related liabilities. In estimating the fair value of all MSRs and related liabilities, the impact of the current environment was considered in the determination of key assumptions. MSRs and Related Liabilities September 30, 2024 December 31, 2023 MSRs - fair value $ 10,035 $ 9,090 Excess spread financing at fair value $ 403 $ 437 Mortgage servicing rights financing at fair value 40 29 MSR related liabilities - nonrecourse at fair value $ 443 $ 466 The following table sets forth the activities of MSRs: Nine Months Ended September 30, MSRs - Fair Value 2024 2023 Fair value - beginning of period $ 9,090 $ 6,654 Additions: Servicing retained from mortgage loans sold 267 219 Purchases and acquisitions of servicing rights 1,640 2,305 Dispositions: Sales of servicing assets and excess yield (297) (555) Changes in fair value: Changes in valuation inputs or assumptions used in the valuation model (MSR MTM) (44) 304 Changes in valuation due to amortization (650) (444) Other changes (1) 29 21 Fair value - end of period $ 10,035 $ 8,504 (1) Amounts primarily represent negative fair values reclassified from the MSR asset to reserves as underlying loans are removed from the MSR and other reclassification adjustments. The following table provides a breakdown of UPB and fair value for the Company’s MSRs: September 30, 2024 December 31, 2023 MSRs - UPB and Fair Value Breakdown by Investor Pools UPB Fair Value UPB Fair Value Agency $ 652,901 $ 9,686 $ 561,656 $ 8,774 Non-agency 25,211 349 26,286 316 Total $ 678,112 $ 10,035 $ 587,942 $ 9,090
Schedule of sensitivity analysis of fair value, transferor's interests in transferred financial assets	The following table shows the hypothetical effect on the fair value of the Company’s MSRs when applying certain unfavorable variations of key assumptions to these assets for the dates indicated: Option Adjusted Spread 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 September 30, 2024 Mortgage servicing rights $ (392) $ (754) $ (293) $ (567) $ (81) $ (162) December 31, 2023 Mortgage servicing rights $ (368) $ (706) $ (219) $ (425) $ (89) $ (178) The following table shows the hypothetical effect on the Company’s excess spread financing fair value when applying certain unfavorable variations of key assumptions to these liabilities for the dates indicated: Option Adjusted Spread Prepayment Speeds Excess Spread Financing - Hypothetical Sensitivities 100 bps Adverse Change 200 bps Adverse Change 10% Adverse Change 20% Adverse Change September 30, 2024 Excess spread financing $ 14 $ 29 $ 9 $ 19 December 31, 2023 Excess spread financing $ 16 $ 32 $ 10 $ 20
Schedule of fees earned in exchange for servicing financial assets	The following table sets forth the items comprising total “revenues - service related, net”: Three Months Ended September 30, Nine Months Ended September 30, Revenues - Service related, net 2024 2023 2024 2023 Contractually specified servicing fees (1) $ 556 $ 440 $ 1,617 $ 1,231 Other service-related income (1) 18 25 56 58 Incentive and modification income (1) 16 18 50 32 Servicing late fees (1) 33 24 94 68 Mark-to-market adjustments - Servicing MSR MTM (388) 270 (44) 304 Gain (loss) on MSR hedging activities 289 (192) 64 (244) (Loss) gain on MSR sales (1) (3) 10 29 Reclassifications to reserve provision (2) (5) (8) (17) (26) Excess spread / MSR financing MTM (20) (4) (26) 2 Total mark-to-market adjustments - Servicing (125) 63 (13) 65 Amortization, net of accretion MSR amortization (245) (171) (650) (444) Excess spread accretion 10 11 28 32 Total amortization, net of accretion (235) (160) (622) (412) Originations service related fees (3) 24 18 59 45 Corporate/Xome service related fees 18 22 60 62 Other (4) (17) (18) (50) (54) Total revenues - Service related, net $ 288 $ 432 $ 1,251 $ 1,095 (1) The Company recognizes revenue on an earned basis for services performed. Amounts include subservicing related revenues. Amounts also include servicing fees from loans sold with servicing retained of $189 and $175 for the three months ended September 30, 2024 and 2023, respectively, and $563 and $528 for the nine months ended September 30, 2024 and 2023, respectively. (2) Reclassifications to reserve provision include the impact of negative modeled cash flows which have been transferred to reserves on advances and other receivables. The negative modeled cash flows relate to advances and other receivables associated with inactive and liquidated loans that are no longer part of the MSR portfolio. (3) Amounts include fees collected from customers for originated loans and from other lenders for loans purchased through the correspondent channel, and include loan application, underwriting, and other similar fees. (4) Other represents the excess servicing fee that the Company pays to the counterparties under the excess spread financing arrangements, portfolio runoff and the payments made associated with MSR financing arrangements.

Advances and Other Receivables

Advances and Other Receivables (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of accounts receivable	Advances and other receivables, net, consists of the following: Advances and Other Receivables, Net September 30, 2024 December 31, 2023 Servicing advances, net of $7 and $13 purchase discount $ 1,012 $ 1,065 Receivables from agencies, investors and prior servicers, net of zero and $6 purchase discount 43 101 Reserves (115) (170) Total advances and other receivables, net $ 940 $ 996 The following table sets forth the activities of the servicing reserves for advances and other receivables: Three Months Ended September 30, Nine Months Ended September 30, Reserves for Advances and Other Receivables 2024 2023 2024 2023 Balance - beginning of period $ 149 $ 156 $ 170 $ 137 Provision (1) 8 8 19 26 Reclassifications (2) 6 11 23 27 Write-offs (3) (48) (11) (97) (26) Balance - end of period $ 115 $ 164 $ 115 $ 164 (1) The Company recorded a provision of $5 and $8 through the MTM adjustments in “revenues - service related, net” in the condensed consolidated statements of operations during the three months ended September 30, 2024 and 2023, respectively and a provision of $17 and $26 during the nine months ended September 30, 2024 and 2023, respectively. (2) Reclassifications represent required reserves provisioned within other balance sheet accounts as associated serviced loans become inactive or liquidate. (3) Write-offs represent balances removed from the servicing platform during the respective periods, including fully reserved balances related to third-party settlements where further loss recovery of prior servicer errors is limited. The following tables set forth the activities of the purchase discounts for advances and other receivables: Three Months Ended September 30, 2024 2023 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 $ 12 $ — $ 9 $ 7 Additions — — 4 — Utilization of purchase discounts (5) — (1) — Balance - end of period $ 7 $ — $ 12 $ 7 Nine Months Ended September 30, 2024 2023 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 $ 13 $ 6 $ 12 $ 7 Additions — — 4 — Utilization of purchase discounts (6) (6) (4) — Balance - end of period $ 7 $ — $ 12 $ 7

Mortgage Loans Held for Sale (T

Mortgage Loans Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 December 31, 2023 Mortgage loans held for sale – UPB $ 1,916 $ 924 Mark-to-market adjustment (1) 46 3 Total mortgage loans held for sale $ 1,962 $ 927 (1) The mark-to-market adjustment includes net change in unrealized gain/loss, premium on correspondent loans and fees on direct-to-consumer loans. The mark-to-market adjustment is recorded in “revenues - net gain on mortgage loans held for sale” in the condensed consolidated statements of operations. The following table sets forth the activities of mortgage loans held for sale: Nine Months Ended September 30, Mortgage Loans Held for Sale 2024 2023 Balance - beginning of period $ 927 $ 893 Loans sold (at carrying value) and loan payments received (13,821) (11,146) Mortgage loans originated and purchased, net of fees 13,664 10,155 Repurchase of loans out of Ginnie Mae securitizations (1) 1,171 984 Net change in unrealized gain on retained loans held for sale 23 10 Net transfers of mortgage loans held for sale (2) (2) (3) Balance - end of period $ 1,962 $ 893 (1) The Company has the optional right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets certain criteria, including being delinquent greater than 90 days. The majority of Ginnie Mae repurchased loans are repurchased in connection with loan modifications and loan resolution activity, with the intent to re-pool into new Ginnie Mae securitizations upon re-performance of the loan or to otherwise sell to third-party investors. Therefore, these loans are classified as held for sale. (2) Amounts reflect transfers to other assets for loans transitioning into REO status and transfers to advances and other receivables, net, for claims made on certain government insurance mortgage loans. Transfers out are net of transfers in upon receipt of proceeds from an REO sale or claim filing. The total UPB and fair value of mortgage loans held for sale on non-accrual status was as follows: September 30, 2024 December 31, 2023 Mortgage Loans Held for Sale UPB Fair Value UPB Fair Value Non-accrual (1) $ 47 $ 37 $ 42 $ 36 (1) Non-accrual UPB includes $34 and $35 of UPB related to Ginnie Mae repurchased loans as of September 30, 2024 and December 31, 2023, respectively.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
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. September 30, 2024 Nine Months Ended September 30, 2024 Derivative Financial Instruments Expiration Outstanding Fair Gain/(Loss) Assets Mortgage loans held for sale Loan sale commitments 2024 $ 992 $ 27 $ 16 Derivative financial instruments IRLCs 2024 $ 1,464 $ 41 $ 21 LPCs 2024 558 3 — Forward MBS trades 2024 2,152 7 156 Treasury futures 2024 4,272 16 113 Total derivative financial instruments - assets $ 8,446 $ 67 $ 290 Liabilities Derivative financial instruments IRLCs 2024 $ 49 $ — $ — LPCs 2024 571 3 (2) Forward MBS trades 2024 9,633 44 (237) Total derivative financial instruments - liabilities $ 10,253 $ 47 $ (239) September 30, 2023 Nine Months Ended September 30, 2023 Derivative Financial Instruments Expiration Outstanding Fair Gain/(Loss) Assets Mortgage loans held for sale Loan sale commitments 2023 $ 304 $ 6 $ (4) Derivative financial instruments IRLCs 2023 $ 813 $ 22 $ — LPCs 2023 121 1 — Forward MBS trades 2023 1,383 13 74 Treasury futures 2023 5 — — Total derivative financial instruments - assets $ 2,322 $ 36 $ 74 Liabilities Derivative financial instruments IRLCs 2023 $ 40 $ — $ — LPCs 2023 288 2 — Forward MBS trades 2023 1,249 28 (97) Treasury futures 2023 2,353 65 (196) Total derivative financial instruments - liabilities $ 3,930 $ 95 $ (293)

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of unsecured senior notes	Unsecured senior notes consist of the following: Unsecured Senior Notes September 30, 2024 December 31, 2023 $1,000 face value, 7.125% interest rate payable semi-annually, due February 2032 (1) $ 1,000 $ — $850 face value, 5.500% interest rate payable semi-annually, due August 2028 850 850 $750 face value, 6.500% interest rate payable semi-annually, due August 2029 (2) 750 — $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 $550 face value, 5.000% interest rate payable semi-annually, due February 2026 500 500 Unsecured senior notes principal amount 4,950 3,200 Purchase discount and unamortized debt issuance costs (65) (49) Unsecured senior notes, net $ 4,885 $ 3,151 (1) In February 2024, the Company completed the offering of $1,000 unsecured senior notes due 2032 (the “2032 Notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities. (2) In August 2024, the Company completed the offering of $750 unsecured senior notes due 2029 (the “2029 Notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities.
Schedule of maturities of long-term debt	As of September 30, 2024, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows: Year Ending December 31, Amount 2024 through 2025 $ — 2026 500 2027 600 2028 850 Thereafter 3,000 Total unsecured senior notes principal amount $ 4,950

Securitizations and Financings

Securitizations and Financings (Tables)	9 Months Ended
	Sep. 30, 2024
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: September 30, 2024 December 31, 2023 Consolidated Transactions with VIEs Transfers Transfers Assets Restricted cash $ 155 $ 111 Advances and other receivables, net 734 495 Total assets $ 889 $ 606 Liabilities Advance facilities, net (1) $ 573 $ 382 MSR facilities, net 464 — Payables and other liabilities 2 1 Total liabilities $ 1,039 $ 383 (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 September 30, 2024 December 31, 2023 Total collateral balances - UPB $ 819 $ 881 Total certificate balances $ 793 $ 849 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 September 30, 2024 December 31, 2023 Unconsolidated securitization trusts $ 81 $ 91

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, Nine Months Ended September 30, Computation of Earnings Per Share 2024 2023 2024 2023 Net income $ 80 $ 275 $ 465 $ 454 Weighted average shares of common stock outstanding (in thousands): Basic 64,272 66,424 64,503 67,719 Dilutive effect of stock awards 1,240 1,244 1,356 1,319 Diluted 65,512 67,668 65,859 69,038 Earnings per common share Basic $ 1.24 $ 4.14 $ 7.21 $ 6.70 Diluted $ 1.22 $ 4.06 $ 7.06 $ 6.58

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
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: September 30, 2024 Recurring Fair Value Measurements Fair Value - Recurring Basis Total Fair Value Level 1 Level 2 Level 3 Assets Mortgage servicing rights $ 10,035 $ — $ — $ 10,035 Mortgage loans held for sale 1,962 — 1,897 65 Equity investments 9 1 — 8 Derivative financial instruments IRLCs 41 — — 41 LPCs 3 — — 3 Forward MBS trades 7 — 7 — Treasury Futures 16 — 16 — Liabilities Derivative financial instruments LPCs 3 — — 3 Forward MBS trades 44 — 44 — Excess spread financing 403 — — 403 Mortgage servicing rights financing 40 — — 40 December 31, 2023 Recurring Fair Value Measurements Fair Value - Recurring Basis Total Fair Value Level 1 Level 2 Level 3 Assets Mortgage servicing rights $ 9,090 $ — $ — $ 9,090 Mortgage loans held for sale 927 — 846 81 Equity investments 9 1 — 8 Derivative financial instruments Treasury futures 113 — 113 — IRLCs 21 — — 21 Forward MBS trades 22 — 22 — LPCs 3 — — 3 Liabilities Derivative financial instruments Forward MBS trades 9 — 9 — Excess spread financing 437 — — 437 Mortgage servicing rights financing 29 — — 29
Schedule of fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation	The tables below set forth the activities for all of the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis: Nine Months Ended September 30, 2024 Assets Liabilities Fair Value - Level 3 Assets and Liabilities Mortgage servicing rights Mortgage loans held for sale Equity investments IRLCs Excess spread financing Mortgage servicing rights financing Balance - beginning of period $ 9,090 $ 81 $ 8 $ 21 $ 437 $ 29 Changes in fair value included in earnings (694) 2 — 20 15 11 Purchases/additions (1) 1,640 95 — — — — Issuances 267 — — — — — Sales/dispositions (2) (297) (110) — — — — Repayments — (3) — — — — Settlements — — — — (49) — Other changes 29 — — — — — Balance - end of period $ 10,035 $ 65 $ 8 $ 41 $ 403 $ 40 Nine Months Ended September 30, 2023 Assets Liabilities Fair Value - Level 3 Assets and Liabilities Mortgage servicing rights Mortgage loans held for sale Equity investments IRLCs Excess spread financing Mortgage servicing rights financing Balance - beginning of period $ 6,654 $ 74 $ 45 $ 22 $ 509 $ 19 Changes in fair value included in earnings (140) 3 (37) — (4) 2 Purchases/additions (1) 2,305 130 — — — — Issuances 219 — — — — — Sales/dispositions (2) (555) (105) — — — — Repayments — (3) — — (5) — Settlements — — — — (54) — Other changes 21 2 — — — — Balance - end of period $ 8,504 $ 101 $ 8 $ 22 $ 446 $ 21
Fair value measurement inputs and valuation techniques	The table below presents the quantitative information for significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities. September 30, 2024 December 31, 2023 Range Weighted Average Range Weighted Average Level 3 Inputs Min Max Min Max MSRs (1) Option adjusted spread (2) 6.8 % 12.3 % 7.6 % 6.9 % 12.3 % 8.0 % Prepayment speed 6.8 % 10.2 % 9.0 % 6.8 % 9.3 % 7.5 % Cost to service per loan (3) $ 47 $ 119 $ 62 $ 56 $ 160 $ 80 Average life (4) 7.3 years 7.9 years Mortgage loans held for sale Market pricing 45.0 % 103.5 % 79.1 % 45.0 % 103.4 % 81.1 % IRLCs Value of servicing (reflected as a percentage of loan commitment) — % 3.4 % 1.6 % 1.1 % 3.5 % 1.9 % Excess spread financing (1) Option adjusted spread (2) 6.9 % 12.3 % 8.7 % 7.0 % 12.3 % 8.8 % Prepayment speed 7.3 % 8.4 % 8.0 % 7.7 % 9.1 % 8.4 % Average life (4) 6.7 years 6.7 years Mortgage servicing rights financing Advance financing and counterparty fee rates 7.0 % 9.0 % 8.3 % 6.6 % 9.2 % 7.6 % Annual advance recovery rates 15.4 % 16.9 % 16.4 % 12.2 % 14.8 % 13.0 % (1) The inputs are weighted by investor. (2) OAS represents incremental spread above a risk-free rate (one-month SOFR), which is an observable input. (3) Presented in whole dollar amounts. (4) Average life is included for informational purposes.
Schedule of fair value, by balance sheet grouping	The tables below present a summary of the estimated carrying amount and fair value of the Company’s financial instruments not carried at fair value: September 30, 2024 Carrying Fair Value Financial Instruments Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 733 $ 733 $ — $ — Restricted cash 186 186 — — Advances and other receivables, net 940 — — 940 Loans subject to repurchase from Ginnie Mae 971 — 971 — Financial liabilities Unsecured senior notes, net 4,885 — 4,963 — Advance, warehouse and MSR facilities, net 4,379 — 4,402 — Liability for loans subject to repurchase from Ginnie Mae 971 — 971 — December 31, 2023 Carrying Fair Value Financial Instruments Level 1 Level 2 Level 3 Financial assets Cash and cash equivalents $ 571 $ 571 $ — $ — Restricted cash 169 169 — — Advances and other receivables, net 996 — — 996 Loans subject to repurchase from Ginnie Mae 966 — 966 — Financial liabilities Unsecured senior notes, net 3,151 — 3,056 — Advance, warehouse and MSR facilities, net 4,302 — 4,318 — Liability for loans subject to repurchase from Ginnie Mae 966 — 966 —

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of segment reporting information	The following tables present financial information by segment: Three Months Ended September 30, 2024 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 246 $ 24 $ 18 $ 288 Net gain on mortgage loans held for sale 10 126 — 136 Total revenues 256 150 18 424 Total expenses 180 83 72 335 Interest income 201 25 1 227 Interest expense (100) (23) (76) (199) Other expenses, net — — (5) (5) Total other income (expenses), net 101 2 (80) 23 Income (loss) before income tax expense (benefit) $ 177 $ 69 $ (134) $ 112 Depreciation and amortization for property and equipment and intangible assets $ 2 $ — $ 7 $ 9 Total assets $ 12,462 $ 2,001 $ 1,723 $ 16,186 Three Months Ended September 30, 2023 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 392 $ 18 $ 22 $ 432 Net gain on mortgage loans held for sale 72 70 — 142 Total revenues 464 88 22 574 Total expenses 172 58 71 301 Interest income 157 10 — 167 Interest expense (88) (11) (47) (146) Other income, net — — 58 58 Total other income (expenses), net 69 (1) 11 79 Income (loss) before income tax expense (benefit) $ 361 $ 29 $ (38) $ 352 Depreciation and amortization for property and equipment and intangible assets $ 4 $ 2 $ 4 $ 10 Total assets $ 10,916 $ 868 $ 1,643 $ 13,427 Nine Months Ended September 30, 2024 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 1,132 $ 59 $ 60 $ 1,251 Net gain on mortgage loans held for sale 30 290 — 320 Total revenues 1,162 349 60 1,571 Total expenses 536 214 202 952 Interest income 521 52 1 574 Interest expense (303) (48) (205) (556) Other expenses, net — — (16) (16) Total other income (expenses), net 218 4 (220) 2 Income (loss) before income tax expense (benefit) $ 844 $ 139 $ (362) $ 621 Depreciation and amortization for property and equipment and intangible assets $ 7 $ 2 $ 16 $ 25 Total assets $ 12,462 $ 2,001 $ 1,723 $ 16,186 Nine Months Ended September 30, 2023 Financial Information by Segment Servicing Originations Corporate/Other Consolidated Revenues Service related, net $ 988 $ 45 $ 62 $ 1,095 Net gain on mortgage loans held for sale 75 220 — 295 Total revenues 1,063 265 62 1,390 Total expenses 484 173 183 840 Interest income 343 26 — 369 Interest expense (224) (28) (126) (378) Other income, net — — 44 44 Total other income (expenses), net 119 (2) (82) 35 Income (loss) before income tax expense (benefit) $ 698 $ 90 $ (203) $ 585 Depreciation and amortization for property and equipment and intangible assets $ 9 $ 6 $ 13 $ 28 Total assets $ 10,916 $ 868 $ 1,643 $ 13,427

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Details)		3 Months Ended		9 Months Ended
	Jul. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jul. 24, 2024 USD ($)	Aug. 01, 2023 USD ($) $ / shares
Business Acquisition [Line Items]
Asset Acquisition, Consideration Transferred			$ 34,000,000
Adjustment/Recognition of bargain purchase gain				$ 4,000,000	$ 96,000,000
Business Combination, Description [Abstract]
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]			Other expenses, net
Flagstar Bank, N.A.
Business Combination, Description [Abstract]
Asset Acquisition, Customers acquired, Amount						1,300,000
Flagstar Bank, N.A. | Mortgage servicing rights
Business Combination, Description [Abstract]
Asset Acquisition, Assets Acquired, Amount						$ 1,100,000,000
Asset Acquisition, Assets Acquired, UPB						$ 350,000,000,000
Home Point Capital Inc [Member]
Business Acquisition [Line Items]
Business Combination, Consideration Transferred			$ 658,000,000
Business Combination, Consideration Transferred for MSRs			335,000,000
Business Combination, Consideration Transferred for Tender Offer			$ 323,000,000
Price per share (in dollars per share) | $ / shares							$ 2.33
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Mortgage Servicing Rights							$ 1,200,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Senior Note							$ 500,000,000
Business Combination, Description [Abstract]
Business Combination, Bargain Purchase, Gain Recognized, Description			The Company believes it was able to negotiate a bargain purchase price due to seller’s operational challenges from significant market volatility, as well as the seller’s desire to exit the business in an expedited manner.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other liabilities [Abstract]		$ 4,000,000
Home Point Capital Inc [Member] | Corporate and other
Business Acquisition [Line Items]
Adjustment/Recognition of bargain purchase gain		4,000,000	$ 96,000,000
Business Combination, Description [Abstract]
Business Combination, Bargain Purchase, Gain Recognized, Final Amount		$ 92,000,000
Roosevelt
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 28,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 4,000,000
Goodwill acquired			21,000,000
Roosevelt | Servicing
Business Acquisition [Line Items]
Goodwill acquired			5,000,000
Roosevelt | Corporate and other
Business Acquisition [Line Items]
Goodwill acquired			$ 16,000,000

Mortgage Servicing Rights and_3

Mortgage Servicing Rights and Related Liabilities - MSRs and Related Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Mortgage Servicing Rights [Line Items]
Excess spread financing at fair value	$ 403	$ 437
Mortgage servicing rights financing at fair value	40	29
MSR related liabilities - nonrecourse at fair value	443	466
Mortgage servicing rights
Mortgage Servicing Rights [Line Items]
MSRs - fair value	$ 10,035	$ 9,090

Mortgage Servicing Rights and_4

Mortgage Servicing Rights and Related Liabilities - MSR's at Fair Value (Details) - Mortgage servicing rights - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value - beginning of period	$ 9,090	$ 6,654
Servicing retained from mortgage loans sold	267	219
Purchases and acquisitions of servicing rights	1,640	2,305
Sales of servicing assets and excess yield	(297)	(555)
Changes in valuation inputs or assumptions used in the valuation model (MSR MTM)	(44)	304
Changes in valuation due to amortization	(650)	(444)
Other changes(1)	29	21
Fair value - end of period	$ 10,035	$ 8,504

Mortgage Servicing Rights and_5

Mortgage Servicing Rights and Related Liabilities - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Servicing Assets at Fair Value [Line Items]
Excess spread financing - fair value	$ 403		$ 437
Excess Spread Financing UPB, Fair Value Disclosure	68,594		$ 74,219
Sale of Excess Yield, UPB	27,841	$ 41,958
Sale of Excess Yield, Total Proceeds	226	294
Gain on Sale of Excess Yield	27	33
Forward MSRs Sold
Servicing Assets at Fair Value [Line Items]
Unpaid principal balance sold	7,716	23,789
Forward MSRs Sold, Subservicing Retained
Servicing Assets at Fair Value [Line Items]
UPB	$ 7,319	$ 22,640

Mortgage Servicing Rights and_6

Mortgage Servicing Rights and Related Liabilities - UPB related to owned MSRs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Mortgage servicing rights
Owned Service Loans [Line Items]
UPB	$ 678,112	$ 587,942
Fair Value	10,035	9,090
Forward MSRs Sold, Subservicing Retained
Owned Service Loans [Line Items]
UPB	7,319		$ 22,640
Agency | Mortgage servicing rights
Owned Service Loans [Line Items]
UPB	652,901	561,656
Fair Value	9,686	8,774
Non-agency | Mortgage servicing rights
Owned Service Loans [Line Items]
UPB	25,211	26,286
Fair Value	$ 349	$ 316

Mortgage Servicing Rights and_7

Mortgage Servicing Rights and Related Liabilities - Fair Value Sensitivity Analysis (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Mortgage servicing rights
Excess Spread Financing - Hypothetical Sensitivities
Total prepayment speeds, 10% Adverse Change	$ (293)	$ (219)
Total prepayment speeds, 20% Adverse Change	(567)	(425)
Cost to Service per Loan, 10% Adverse Change	(81)	(89)
Cost to Service per Loan, 20% Adverse Change	(162)	(178)
Mortgage servicing rights | 100 bps Adverse Change
Excess Spread Financing - Hypothetical Sensitivities
Option Adjusted Spread	(392)	(368)
Mortgage servicing rights | 200 bps Adverse Change
Excess Spread Financing - Hypothetical Sensitivities
Option Adjusted Spread	(754)	(706)
Excess spread financing
Excess Spread Financing - Hypothetical Sensitivities
Total prepayment speeds, 10% Adverse Change	9	10
Total prepayment speeds, 20% Adverse Change	19	20
Excess spread financing | 100 bps Adverse Change
Excess Spread Financing - Hypothetical Sensitivities
Option Adjusted Spread	14	16
Excess spread financing | 200 bps Adverse Change
Excess Spread Financing - Hypothetical Sensitivities
Option Adjusted Spread	$ 29	$ 32

Mortgage Servicing Rights and_8

Mortgage Servicing Rights and Related Liabilities - Servicing Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Transfers and Servicing [Abstract]
Contractually specified servicing fees(1)	$ 556	$ 440	$ 1,617	$ 1,231
Other service-related income(1)	18	25	56	58
Incentive and modification income(1)	16	18	50	32
Servicing late fees(1)	33	24	94	68
MSR MTM	388	(270)	44	(304)
(Gain) loss on MSR hedging activities	289	(192)	64	(244)
Gain on MSR and excess yield sales	(1)	(3)	10	29
Reclassifications to reserve provision(2)	(5)	(8)	(17)	(26)
Excess spread / MSR financing MTM	(20)	(4)	(26)	2
Total mark-to-market adjustments - Servicing	125	(63)	13	(65)
MSR amortization	245	171	650	444
Excess spread accretion	(10)	(11)	(28)	(32)
Total amortization, net of accretion	235	160	622	412
Originations service related fees(3)	24	18	59	45
Corporate/Xome service related fees	18	22	60	62
Other(4)	17	18	50	54
Total revenues - Service related, net	288	432	1,251	1,095
Cash Flows Between Transferor and Transferee, Servicing Fees	$ 189	$ 175	$ 563	$ 528

Advances and Other Receivable_2

Advances and Other Receivables - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Servicing advances, net of $7 and $13 purchase discount	$ 1,012		$ 1,065
Receivables from agencies, investors and prior servicers, net of zero and $6 purchase discount	43		101
Reserves	(115)		(170)
Total advances and other receivables, net	940		996
Servicing advances discount	7	$ 12	13	$ 12	$ 9	$ 12
Receivables discount	$ 0	$ 0	$ 6	$ 7	$ 7	$ 7

Advances and Other Receivable_3

Advances and Other Receivables - Advances and Other Receivables Roll Forward (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reserves for Advances and Other Receivables
Balance - beginning of period	$ 149	$ 156	$ 170	$ 137
Provision(1)	(8)	(8)	(19)	(26)
Reclassifications(2)	6	11	23	27
Write-offs(3)	(48)	(11)	(97)	(26)
Balance - end of period	115	164	115	164
Reclassifications to reserve provision(2)	$ (5)	$ (8)	$ (17)	$ (26)

Advances and Other Receivable_4

Advances and Other Receivables - Purchase Discount (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Servicing Advances
Servicing Advances, Discount	$ 12	$ 9	$ 13	$ 12
Additions	(5)	(1)	(6)	(4)
Servicing Advances, Discount	7	12	7	12
Receivables from Agencies, Investors and Prior Servicers
Receivable with Imputed Interest, Discount	0	7	0	7
Utilization of Purchase Discount	0	0	(6)	0
Receivable with Imputed Interest, Discount	0	7	6	7
Accounts, Notes, Loans and Financing Receivable [Line Items]
Servicing advances discount	7	12	7	12
Receivables discount	0	7	0	7
Accretion of Service Advances Discount	5	1	6	4
Receivable Discount, Accretion Expense	$ 0	0	$ 6	0
Home Point Capital Inc [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Addition to Servicing Advances Discount		$ 4		$ 4

Advances and Other Receivable_5

Advances and Other Receivables - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	$ 18	$ 36	$ 18	$ 36	$ 19	$ 35	$ 37	$ 36
Provision	1	(1)	4	0
Write-off	(2)	0	$ (21)	0
Financial instruments collection period			39 months
Advances and other receivables reserve
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss	$ 18	29	$ 18	29
Purchase Discount
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit loss		$ 7		$ 7

Mortgage Loans Held for Sale -

Mortgage Loans Held for Sale - Mortgage Loans Held for Sale (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Mortgage loans held for sale – UPB	$ 1,916	$ 924
Mark-to-market adjustment(1)	46	3
Total mortgage loans held for sale	1,962	927
UPB	47	42
Fair Value	37	36
Ginnie mae repurchased loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	$ 34	$ 35

Mortgage Loans Held for Sale _2

Mortgage Loans Held for Sale - Reconciliation to Cash Flow (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Mortgage Loans Held for Sale
Balance - beginning of period	$ 927	$ 893
Loans sold (at carrying value) and loan payments received	(13,821)	(11,146)
Mortgage loans originated and purchased, net of fees	13,664	10,155
Repurchase of loans out of Ginnie Mae securitizations(1)	1,171	984
Net change in unrealized gain on retained loans held for sale	23	10
Net transfers of mortgage loans held for sale(2)	(2)	(3)
Balance - end of period	$ 1,962	$ 893

Mortgage Loans Held for Sale _3

Mortgage Loans Held for Sale - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Mortgage Loans Held for Sale and Investment [Abstract]
Mortgage loans held for sale in foreclosure	$ 46		$ 30
Gain (Loss) on Sale of Mortgage Loans	41	$ 42
Sale of mortgage loans held for sale	$ 13,896	$ 10,990

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 141	$ 141
Intangible assets	23	28
Business Acquisition [Line Items]
Goodwill	$ 141	$ 141

Derivative Financial Instrume_3

Derivative Financial Instruments - Derivative Instruments (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Loan sale commitments
Derivatives, Fair Value [Line Items]
Gain/(Loss)	$ 16	$ (4)
Treasury futures
Derivatives, Fair Value [Line Items]
Gain/(Loss)	113	0
Interest Rate Lock Commitments, Assets
Derivatives, Fair Value [Line Items]
Gain/(Loss)	21	0
us-gaap_InterestRateLockCommitmentsMember
Derivatives, Fair Value [Line Items]
Gain/(Loss)	0	0
Loan Purchase Commitments, Assets
Derivatives, Fair Value [Line Items]
Gain/(Loss)	0	0
Loan Purchase Commitments, Liabilities
Derivatives, Fair Value [Line Items]
Gain/(Loss)	(2)	0
Forward Contracts, Assets
Derivatives, Fair Value [Line Items]
Gain/(Loss)	156	74
Forward Contracts, Liabilities
Derivatives, Fair Value [Line Items]
Gain/(Loss)	(237)	(97)
Treasury futures, Liabilities
Derivatives, Fair Value [Line Items]
Gain/(Loss)		(196)
Derivative financial instruments, liabilities
Derivatives, Fair Value [Line Items]
Gain/(Loss)	(239)	(293)
Derivative financial instruments, assets
Derivatives, Fair Value [Line Items]
Gain/(Loss)	290	74
Assets
Derivatives, Fair Value [Line Items]
Outstanding Notional	8,446	2,322
Fair Value	67	36
Assets | Loan sale commitments
Derivatives, Fair Value [Line Items]
Outstanding Notional	992	304
Fair Value	27	6
Assets | IRLCs
Derivatives, Fair Value [Line Items]
Outstanding Notional	1,464	813
Fair Value	41	22
Assets | LPCs
Derivatives, Fair Value [Line Items]
Outstanding Notional	558	121
Fair Value	3	1
Assets | Forward MBS trades
Derivatives, Fair Value [Line Items]
Outstanding Notional	2,152	1,383
Fair Value	7	13
Assets | Treasury futures
Derivatives, Fair Value [Line Items]
Outstanding Notional	4,272	5
Fair Value	16	0
Liabilities
Derivatives, Fair Value [Line Items]
Outstanding Notional	10,253	3,930
Fair Value	(47)	(95)
Liabilities | IRLCs
Derivatives, Fair Value [Line Items]
Outstanding Notional	49	40
Fair Value	0	0
Liabilities | LPCs
Derivatives, Fair Value [Line Items]
Outstanding Notional	571	288
Fair Value	(3)	(2)
Liabilities | Forward MBS trades
Derivatives, Fair Value [Line Items]
Outstanding Notional	9,633	1,249
Fair Value	$ (44)	(28)
Liabilities | Treasury futures
Derivatives, Fair Value [Line Items]
Outstanding Notional		2,353
Fair Value		$ (65)

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Margin Deposit Assets	$ 98	$ 8
Payables and other liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Margin Deposit Liability		$ 56

Indebtedness - Advance and Ware

Indebtedness - Advance and Warehouse Facilities Summary (Details) - USD ($)	Oct. 01, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Advance, warehouse and MSR facilities, net		$ 4,379,000,000		$ 4,302,000,000
Advance Facilities | Servicing | Loans payable | $350 advance facility
Debt Instrument [Line Items]
Capacity Amount		350,000,000
Outstanding		113,000,000		132,000,000
Collateral Pledged		144,000,000		169,000,000
Advance Facilities | Servicing | Loans payable | $500 advance facility(1)
Debt Instrument [Line Items]
Capacity Amount		300,000,000
Outstanding		0		273,000,000
Collateral Pledged		0		364,000,000
Advance Facilities | Servicing | Loans payable | $500 advance facility(2)
Debt Instrument [Line Items]
Capacity Amount		500,000,000
Outstanding		253,000,000		250,000,000
Collateral Pledged		285,000,000		326,000,000
Advance Facilities | Servicing | Loans payable | $30 advance facility(4)
Debt Instrument [Line Items]
Capacity Amount		30,000,000
Outstanding		27,000,000		27,000,000
Collateral Pledged		40,000,000		49,000,000
Advance Facilities | Servicing | Loans payable | $500 Advance Facility Due July 2026
Debt Instrument [Line Items]
Capacity Amount		500,000,000
Outstanding		211,000,000		0
Collateral Pledged		304,000,000		0
Advance Facilities | Servicing | Notes payable to banks
Debt Instrument [Line Items]
Outstanding		604,000,000		682,000,000
Collateral Pledged		773,000,000		908,000,000
Advance Facilities | Servicing | Notes payable to banks | $30 advance facility(4)
Debt Instrument [Line Items]
Capacity Amount		30,000,000
Warehouse Facilities | Originations | Notes payable to banks
Debt Instrument [Line Items]
Outstanding		1,763,000,000		822,000,000
Collateral Pledged		1,885,000,000		915,000,000
Warehouse Facilities | Originations | Notes payable to banks | $500 advance facility(2)
Debt Instrument [Line Items]
Capacity Amount		500,000,000	$ 300,000,000
Warehouse Facilities | Originations | Notes payable to banks | $1,500 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		1,500,000,000
Outstanding		61,000,000		107,000,000
Collateral Pledged		61,000,000		104,000,000
Warehouse Facilities | Originations | Notes payable to banks | $750 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		750,000,000
Outstanding		82,000,000		137,000,000
Collateral Pledged		105,000,000		176,000,000
Warehouse Facilities | Originations | Notes payable to banks | $750 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		750,000,000
Outstanding		530,000,000		155,000,000
Collateral Pledged		558,000,000		166,000,000
Warehouse Facilities | Originations | Notes payable to banks | $500 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		500,000,000
Outstanding		72,000,000		72,000,000
Collateral Pledged		75,000,000		78,000,000
Warehouse Facilities | Originations | Notes payable to banks | $350 warehouse facility(6)
Debt Instrument [Line Items]
Capacity Amount		350,000,000
Outstanding		276,000,000		73,000,000
Collateral Pledged		282,000,000		75,000,000
Warehouse Facilities | Originations | Notes payable to banks | $350 warehouse facility(6) | Subsequent Event
Debt Instrument [Line Items]
Capacity Amount	$ 600,000,000
Warehouse Facilities | Originations | Notes payable to banks | $1,200 warehouse facility(5)
Debt Instrument [Line Items]
Capacity Amount		1,200,000,000
Outstanding		426,000,000		158,000,000
Collateral Pledged		473,000,000		177,000,000
Warehouse Facilities | Originations | Notes payable to banks | $200 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		200,000,000
Outstanding		180,000,000		82,000,000
Collateral Pledged		186,000,000		84,000,000
Warehouse Facilities | Originations | Notes payable to banks | $200 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		200,000,000
Outstanding		0		12,000,000
Collateral Pledged		0		21,000,000
Warehouse Facilities | Originations | Notes payable to banks | $100 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		100,000,000
Outstanding		80,000,000		25,000,000
Collateral Pledged		89,000,000		33,000,000
Warehouse Facilities | Originations | Notes payable to banks | $100 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		100,000,000
Outstanding		0		0
Collateral Pledged		0		0
Warehouse Facilities | Originations | Notes payable to banks | $100 warehouse facility (4)
Debt Instrument [Line Items]
Capacity Amount		100,000,000
Outstanding		56,000,000		1,000,000
Collateral Pledged		56,000,000		1,000,000
Warehouse Facilities | Originations | Notes payable to banks | $1 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		1,000,000
Outstanding		0		0
Collateral Pledged		0		0
Warehouse Facilities | Originations | Notes payable to banks | $1,200 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		1,200,000,000
MSR Facilities | Servicing | Notes payable to banks
Debt Instrument [Line Items]
Outstanding		2,035,000,000		2,814,000,000
Collateral Pledged		9,101,000,000		6,958,000,000
MSR Facilities | Servicing | Notes payable to banks | $1750 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		2,000,000,000
MSR Facilities | Servicing | Notes payable to banks | $950 million MSR facility
Debt Instrument [Line Items]
Capacity Amount		950,000,000
Outstanding		155,000,000		545,000,000
Collateral Pledged		1,287,000,000		1,306,000,000
MSR Facilities | Servicing | Notes payable to banks | $1,750 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		1,750,000,000
Outstanding		550,000,000		980,000,000
Collateral Pledged		2,463,000,000		1,455,000,000
MSR Facilities | Servicing | Notes payable to banks | $1,500 warehouse facility(1)
Debt Instrument [Line Items]
Capacity Amount		1,450,000,000
Outstanding		0		300,000,000
Collateral Pledged		0		2,164,000,000
MSR Facilities | Servicing | Notes payable to banks | $500 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		500,000,000
Outstanding		100,000,000		405,000,000
Collateral Pledged		722,000,000		655,000,000
MSR Facilities | Servicing | Notes payable to banks | $500 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		500,000,000
Outstanding		250,000,000		305,000,000
Collateral Pledged		740,000,000		634,000,000
MSR Facilities | Servicing | Notes payable to banks | $500 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		500,000,000
Outstanding		150,000,000		250,000,000
Collateral Pledged		745,000,000		677,000,000
MSR Facilities | Servicing | Notes payable to banks | $50 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		50,000,000
Outstanding		10,000,000		29,000,000
Collateral Pledged		78,000,000		67,000,000
MSR Facilities | Servicing | Notes payable to banks | $500 warehouse facility
Debt Instrument [Line Items]
Capacity Amount		500,000,000
Outstanding		250,000,000		0
Collateral Pledged		501,000,000		0
MSR Facilities | Servicing | Notes payable to banks | $1500 million MSR facility due July 2026
Debt Instrument [Line Items]
Capacity Amount		1,500,000,000
Outstanding		470,000,000		0
Collateral Pledged		2,212,000,000		0
MSR Facilities | Servicing | Notes payable to banks | $500 MSR WH Mizuho Facility Due July 2026
Debt Instrument [Line Items]
Capacity Amount		500,000,000
Outstanding		100,000,000		0
Collateral Pledged		353,000,000		0
Advance Financing, Internally Allocated | Servicing | Loans payable | $500 advance facility(2)
Debt Instrument [Line Items]
Capacity Amount		500,000,000
MSR Financing, Internally Allocated | Servicing | Notes payable to banks | $950 million MSR facility
Debt Instrument [Line Items]
Capacity Amount		950,000,000
MSR Financing, Internally Allocated | Servicing | Notes payable to banks | $1500 million MSR facility due July 2026
Debt Instrument [Line Items]
Capacity Amount		1,500,000,000
Advance, Warehouse and MSR Facilities
Debt Instrument [Line Items]
Outstanding		4,402,000,000		4,318,000,000
Collateral Pledged		11,759,000,000		8,781,000,000
Unamortized debt issuance costs		(23,000,000)		(16,000,000)
Advance, warehouse and MSR facilities, net		$ 4,379,000,000		$ 4,302,000,000

Indebtedness - Summary of Unsec

Indebtedness - Summary of Unsecured Senior Notes (Details) - USD ($)	Sep. 30, 2024	Aug. 01, 2024	Feb. 01, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unsecured senior notes, net	$ 4,885,000,000			$ 3,151,000,000
Unsecured Senior Notes
Debt Instrument [Line Items]
Unsecured senior notes principal amount	4,950,000,000			3,200,000,000
Purchase discount and unamortized debt issuance costs	(65,000,000)			(49,000,000)
Unsecured senior notes, net	4,885,000,000			3,151,000,000
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%
Unsecured Senior Notes | $550 face value, 5.000% interest rate payable semi-annually, due February 2026
Debt Instrument [Line Items]
Unsecured senior notes principal amount	$ 500,000,000			500,000,000
Face value	$ 550,000,000
Debt Instrument, Interest Rate, Stated Percentage	5%
Unsecured Senior Notes | Unsecured Senior Notes, 7.125% Due February 2032
Debt Instrument [Line Items]
Unsecured senior notes principal amount	$ 1,000,000,000		$ 1,000,000,000	0
Face value	$ 1,000,000,000
Debt Instrument, Interest Rate, Stated Percentage	7.125%
Unsecured Senior Notes | Unsecured Senior Notes, 6.500% Due August 2029
Debt Instrument [Line Items]
Unsecured senior notes principal amount	$ 750,000,000	$ 750,000,000		$ 0
Face value	$ 750,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.50%

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Short-Term Debt, Weighted Average Interest Rate, over Time				7.60%
Advance Facilities | Servicing
Debt Instrument [Line Items]
Short-Term Debt, Weighted Average Interest Rate, over Time	7.40%	7.80%	7.60%
Warehouse & MSR Facilities
Debt Instrument [Line Items]
Short-Term Debt, Weighted Average Interest Rate, over Time	7.60%	7.80%	7.80%	7.40%
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	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024 through 2025	$ 0
2023	500
2026	600
2027	850
Thereafter	3,000
Total unsecured senior notes principal amount	$ 4,950	$ 3,200

Securitizations and Financing_2

Securitizations and Financings - Assets and Liabilities of Consolidated VIEs (Details) - Residential mortgage - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets - transfers accounted for as secured borrowings	$ 889	$ 606
Liabilities - transfers accounted for as secured borrowings	1,039	383
Restricted cash
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Assets - transfers accounted for as secured borrowings	155	111
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	734	495
Payables and other liabilities
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Liabilities - transfers accounted for as secured borrowings	2	1
Warehouse & MSR Facilities
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Liabilities - transfers accounted for as secured borrowings	464	0
Advance Facilities
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]
Liabilities - transfers accounted for as secured borrowings	$ 573	$ 382

Securitizations and Financing_3

Securitizations and Financings - Securitization Trusts (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entities and Securitizations [Abstract]
Total collateral balances - UPB	$ 819	$ 881
Total certificate balances	793	849
Financial Asset, Past Due
Financing Receivable, Past Due [Line Items]
Unconsolidated securitization trusts	$ 81	$ 91

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Preferred Shares [Abstract]
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.00001	$ 0.00001
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Preferred stock, liquidation preference	$ 0	$ 0

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 80	$ 275	$ 465	$ 454
Weighted average shares of common stock outstanding (in thousands):
Basic	64,272	66,424	64,503	67,719
Dilutive effect of stock awards	1,240	1,244	1,356	1,319
Diluted	65,512	67,668	65,859	69,038
Earnings Per Share, Basic [Abstract]
Basic	$ 1.24	$ 4.14	$ 7.21	$ 6.70
Diluted	$ 1.22	$ 4.06	$ 7.06	$ 6.58

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	29.10%	21.70%	25.20%	22.30%

Fair Value Measurements - Measu

Fair Value Measurements - Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Mortgage loans held for sale	$ 1,962	$ 927
Liabilities
Mortgage servicing rights financing	40	29
Recurring Fair Value Measurements
Assets
Mortgage loans held for sale	1,962	927
Mortgage servicing rights	10,035	9,090
Equity investments	9	9
Liabilities
Mortgage servicing rights financing	40	29
Excess spread financing	403	437
Recurring Fair Value Measurements | IRLCs
Assets
Fair Value	41	21
Recurring Fair Value Measurements | LPCs
Assets
Fair Value	3	3
Recurring Fair Value Measurements | Forward MBS trades
Assets
Fair Value	7	22
Fair Value	44	9
Recurring Fair Value Measurements | Treasury futures
Assets
Fair Value	16	113
Recurring Fair Value Measurements | Level 1
Assets
Mortgage loans held for sale	0	0
Mortgage servicing rights	0	0
Equity investments	1	1
Liabilities
Mortgage servicing rights financing	0	0
Excess spread financing	0	0
Recurring Fair Value Measurements | Level 1 | IRLCs
Assets
Fair Value	0	0
Recurring Fair Value Measurements | Level 1 | LPCs
Assets
Fair Value	0	0
Fair Value	0
Recurring Fair Value Measurements | Level 1 | Forward MBS trades
Assets
Fair Value	0	0
Fair Value	0	0
Recurring Fair Value Measurements | Level 1 | Treasury futures
Assets
Fair Value	0	0
Recurring Fair Value Measurements | Level 2
Assets
Mortgage loans held for sale	1,897	846
Mortgage servicing rights	0	0
Equity investments	0	0
Liabilities
Mortgage servicing rights financing	0	0
Excess spread financing	0	0
Recurring Fair Value Measurements | Level 2 | IRLCs
Assets
Fair Value	0	0
Recurring Fair Value Measurements | Level 2 | LPCs
Assets
Fair Value	0	0
Fair Value	0
Recurring Fair Value Measurements | Level 2 | Forward MBS trades
Assets
Fair Value	7	22
Fair Value	44	9
Recurring Fair Value Measurements | Level 2 | Treasury futures
Assets
Fair Value	16	113
Recurring Fair Value Measurements | Level 3
Assets
Mortgage loans held for sale	65	81
Mortgage servicing rights	10,035	9,090
Equity investments	8	8
Liabilities
Mortgage servicing rights financing	40	29
Excess spread financing	403	437
Recurring Fair Value Measurements | Level 3 | IRLCs
Assets
Fair Value	41	21
Recurring Fair Value Measurements | Level 3 | LPCs
Assets
Fair Value	3	3
Fair Value	3
Recurring Fair Value Measurements | Level 3 | Forward MBS trades
Assets
Fair Value	0	0
Fair Value	0	0
Recurring Fair Value Measurements | Level 3 | Treasury futures
Assets
Fair Value	$ 0	$ 0

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Reconciliation (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Excess spread financing
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	$ 437	$ 509
Changes in fair value included in earnings	15	(4)
Purchases/additions(1)	0	0
Issuances	0	0
Sales/dispositions(2)	0	0
Repayments	0	(5)
Settlements	(49)	(54)
Other changes	0	0
Balance - end of period	403	446
Mortgage servicing rights financing
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	29	19
Changes in fair value included in earnings	11	2
Purchases/additions(1)	0	0
Issuances	0	0
Sales/dispositions(2)	0	0
Repayments	0	0
Settlements	0	0
Other changes	0	0
Balance - end of period	40	21
Mortgage servicing rights
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	9,090	6,654
Changes in fair value included in earnings	(694)	(140)
Purchases/additions(1)	1,640	2,305
Issuances	267	219
Sales/dispositions(2)	(297)	(555)
Repayments	0	0
Settlements	0	0
Other changes	(29)	(21)
Balance - end of period	10,035	8,504
Mortgage loans held for sale
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	81	74
Changes in fair value included in earnings	2	3
Purchases/additions(1)	95	130
Issuances	0	0
Sales/dispositions(2)	(110)	(105)
Repayments	(3)	(3)
Settlements	0	0
Other changes	0	(2)
Balance - end of period	65	101
Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	8	45
Changes in fair value included in earnings	0	(37)
Purchases/additions(1)	0	0
Issuances	0	0
Sales/dispositions(2)	0	0
Repayments	0	0
Settlements	0	0
Other changes	0	0
Balance - end of period	8	8
IRLCs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance - beginning of period	21	22
Changes in fair value included in earnings	20	0
Purchases/additions(1)	0	0
Issuances	0	0
Sales/dispositions(2)	0	0
Repayments	0	0
Settlements	0	0
Other changes	0	0
Balance - end of period	$ 41	$ 22

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable Inputs (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Min | MSRs(1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Option adjusted spread(2)	6.80%	6.90%
Prepayment speed	6.80%	6.80%
Cost to service per loan(3)	$ 47	$ 56
Min | Mortgage loans held for sale
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market pricing	$ 0.450	$ 0.450
Min | IRLCs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Value of servicing (reflected as a percentage of loan commitment)	0	0.011
Min | Excess spread financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Option adjusted spread(2)	6.90%	7%
Prepayment speed	7.30%	7.70%
Min | Mortgage servicing rights financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Advance financing and counterparty fee rates	7%	6.60%
Annual advance recovery rates	15.40%	12.20%
Max | MSRs(1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Option adjusted spread(2)	12.30%	12.30%
Prepayment speed	10.20%	9.30%
Cost to service per loan(3)	$ 119	$ 160
Max | Mortgage loans held for sale
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market pricing	$ 1.035	$ 1.034
Max | IRLCs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Value of servicing (reflected as a percentage of loan commitment)	0.034	0.035
Max | Excess spread financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Option adjusted spread(2)	12.30%	12.30%
Prepayment speed	8.40%	9.10%
Max | Mortgage servicing rights financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Advance financing and counterparty fee rates	9%	9.20%
Annual advance recovery rates	16.90%	14.80%
Weighted Average | MSRs(1)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Option adjusted spread(2)	7.60%	8%
Prepayment speed	9%	7.50%
Cost to service per loan(3)	$ 62	$ 80
Average life(4)	7 years 3 months 18 days	7 years 10 months 24 days
Weighted Average | Mortgage loans held for sale
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Market pricing	$ 0.791	$ 0.811
Weighted Average | IRLCs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Value of servicing (reflected as a percentage of loan commitment)	0.016	0.019
Weighted Average | Excess spread financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Option adjusted spread(2)	8.70%	8.80%
Prepayment speed	8%	8.40%
Average life(4)	6 years 8 months 12 days	6 years 8 months 12 days
Weighted Average | Mortgage servicing rights financing
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Advance financing and counterparty fee rates	8.30%	7.60%
Annual advance recovery rates	16.40%	13%

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value by Balance Sheet Line Item (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Financial assets
Restricted cash	$ 186	$ 169	$ 151
Loans subject to repurchase from Ginnie Mae	971	966
Financial liabilities
Unsecured senior notes, net	4,885	3,151
Advance, warehouse and MSR facilities, net	4,379	4,302
Nonrecurring Fair Value Measurements
Financial assets
Cash and cash equivalents	733	571
Restricted cash	186	169
Advances and other receivables, net	940	996
Loans subject to repurchase from Ginnie Mae	971	966
Financial liabilities
Unsecured senior notes, net	4,885	3,151
Advance, warehouse and MSR facilities, net	4,379	4,302
Liability for loans subject to repurchase from Ginnie Mae	971	966
Nonrecurring Fair Value Measurements | Level 1
Financial assets
Cash and cash equivalents	733	571
Restricted cash	186	169
Advances and other receivables, net	0	0
Loans subject to repurchase from Ginnie Mae	0	0
Financial liabilities
Unsecured senior notes, net	0	0
Advance, warehouse and MSR facilities, net	0	0
Liability for loans subject to repurchase from Ginnie Mae	0	0
Nonrecurring Fair Value Measurements | Level 2
Financial assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Advances and other receivables, net	0	0
Loans subject to repurchase from Ginnie Mae	971	966
Financial liabilities
Unsecured senior notes, net	4,963	3,056
Advance, warehouse and MSR facilities, net	4,402	4,318
Liability for loans subject to repurchase from Ginnie Mae	971	966
Nonrecurring Fair Value Measurements | Level 3
Financial assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Advances and other receivables, net	940	996
Loans subject to repurchase from Ginnie Mae	0	0
Financial liabilities
Unsecured senior notes, net	0	0
Advance, warehouse and MSR facilities, net	0	0
Liability for loans subject to repurchase from Ginnie Mae	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Loss Contingencies [Line Items]
Legal Fees (Recoveries), net	$ 15	$ 8	$ 34	$ 29
Repurchase Reserve	74		74		$ 79
Litigation and regulatory matters | Min
Loss Contingencies [Line Items]
Estimate of possible loss	1		1
Litigation and regulatory matters | Max
Loss Contingencies [Line Items]
Estimate of possible loss	$ 3		$ 3

Segment Information - Financial

Segment Information - Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues:
Service related, net	$ 288	$ 432	$ 1,251	$ 1,095
Net gain on mortgage loans held for sale	136	142	320	295
Total revenues	424	574	1,571	1,390
Total expenses	335	301	952	840
Other income (expenses)
Interest income	227	167	574	369
Interest Expense, Nonoperating	199	146	556	378
Other expenses, net	(5)	58	(16)	44
Total other income (expenses), net	23	79	2	35
Income before income tax expense	112	352	621	585
Depreciation and amortization for property and equipment and intangible assets	9	10	25	28
Total assets	16,186	13,427	16,186	13,427	$ 14,196
Operating Segments | Servicing
Revenues:
Service related, net	246	392	1,132	988
Net gain on mortgage loans held for sale	10	72	30	75
Total revenues	256	464	1,162	1,063
Total expenses	180	172	536	484
Other income (expenses)
Interest income	201	157	521	343
Interest Expense, Nonoperating	100	88	303	224
Other expenses, net	0	0	0	0
Total other income (expenses), net	101	69	218	119
Income before income tax expense	177	361	844	698
Depreciation and amortization for property and equipment and intangible assets	2	4	7	9
Total assets	12,462	10,916	12,462	10,916
Operating Segments | Originations
Revenues:
Service related, net	24	18	59	45
Net gain on mortgage loans held for sale	126	70	290	220
Total revenues	150	88	349	265
Total expenses	83	58	214	173
Other income (expenses)
Interest income	25	10	52	26
Interest Expense, Nonoperating	23	11	48	28
Other expenses, net	0	0	0	0
Total other income (expenses), net	2	(1)	4	(2)
Income before income tax expense	69	29	139	90
Depreciation and amortization for property and equipment and intangible assets	0	2	2	6
Total assets	2,001	868	2,001	868
Corporate/Other
Revenues:
Service related, net	18	22	60	62
Net gain on mortgage loans held for sale	0	0	0	0
Total revenues	18	22	60	62
Total expenses	72	71	202	183
Other income (expenses)
Interest income	1	0	1	0
Interest Expense, Nonoperating	76	47	205	126
Other expenses, net	(5)	58	(16)	44
Total other income (expenses), net	(80)	11	(220)	(82)
Income before income tax expense	(134)	(38)	(362)	(203)
Depreciation and amortization for property and equipment and intangible assets	7	4	16	13
Total assets	$ 1,723	$ 1,643	$ 1,723	$ 1,643