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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nationstar Mortgage Holdings Inc. (delisted) | NYSE:NSM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 18.27 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
45-2156869
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
8950 Cypress Waters Blvd, Coppell, TX
|
|
75019
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large Accelerated Filer
|
¨
|
Accelerated Filer
|
x
|
Non-Accelerated Filer
|
¨
|
(Do not check if a smaller reporting company)
|
|
|
|
Smaller reporting company
|
¨
|
|
|
Emerging growth company
|
¨
|
|
|
Page
|
PART I
|
FINANCIAL INFORMATION
|
|
|
|
|
Item 1.
|
||
|
|
|
|
Consolidated Balance Sheets as of September 30, 2017 (unaudited) and December 31, 2016
|
|
|
|
|
|
Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended September 30, 2017 and 2016
|
|
|
|
|
|
Consolidated Statements of Stockholders’ Equity (unaudited) for the Nine Months Ended September 30, 2017 and 2016
|
|
|
|
|
|
Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended September 30, 2017 and 2016
|
|
|
|
|
|
Notes to Consolidated Financial Statements (unaudited)
|
|
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
|
|
|
|
Item 4.
|
||
|
|
|
PART II
|
OTHER INFORMATION
|
|
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
|
|
September 30,
2017 |
|
December 31,
2016 |
||||
|
(unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
224
|
|
|
$
|
489
|
|
Restricted cash
|
356
|
|
|
388
|
|
||
Mortgage servicing rights, $2,956 and $3,160 at fair value, respectively
|
2,961
|
|
|
3,166
|
|
||
Advances and other receivables, net of reserves of $253 and $184, respectively
|
1,625
|
|
|
1,749
|
|
||
Reverse mortgage interests, net of reserves of $88 and $131, respectively
|
10,299
|
|
|
11,033
|
|
||
Mortgage loans held for sale at fair value
|
1,646
|
|
|
1,788
|
|
||
Mortgage loans held for investment, net
|
143
|
|
|
151
|
|
||
Property and equipment, net of accumulated depreciation of $156 and $118, respectively
|
127
|
|
|
136
|
|
||
Derivative financial instruments at fair value
|
76
|
|
|
133
|
|
||
Other assets
|
547
|
|
|
560
|
|
||
Total assets
|
$
|
18,004
|
|
|
$
|
19,593
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
||||
Unsecured senior notes, net
|
$
|
1,873
|
|
|
$
|
1,990
|
|
Advance facilities, net
|
797
|
|
|
1,096
|
|
||
Warehouse facilities, net
|
2,774
|
|
|
2,421
|
|
||
Payables and accrued liabilities
|
1,188
|
|
|
1,470
|
|
||
MSR related liabilities - nonrecourse at fair value
|
1,066
|
|
|
1,241
|
|
||
Mortgage servicing liabilities
|
53
|
|
|
48
|
|
||
Derivative financial instruments at fair value
|
7
|
|
|
13
|
|
||
Other nonrecourse debt, net
|
8,569
|
|
|
9,631
|
|
||
Total liabilities
|
16,327
|
|
|
17,910
|
|
||
Commitments and contingencies (Note 15)
|
|
|
|
|
|
||
Preferred stock at $0.01 par value - 300,000 thousand shares authorized, no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock at $0.01 par value - 1,000,000 thousand shares authorized, 109,915 thousand and 109,915 thousand shares issued, respectively
|
1
|
|
|
1
|
|
||
Additional paid-in-capital
|
1,127
|
|
|
1,122
|
|
||
Retained earnings
|
690
|
|
|
701
|
|
||
Treasury shares at cost -12,192 thousand and 12,418 thousand shares, respectively
|
(148
|
)
|
|
(147
|
)
|
||
Total Nationstar stockholders' equity
|
1,670
|
|
|
1,677
|
|
||
Noncontrolling interest
|
7
|
|
|
6
|
|
||
Total stockholders' equity
|
1,677
|
|
|
1,683
|
|
||
Total liabilities and stockholders' equity
|
$
|
18,004
|
|
|
$
|
19,593
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Service related, net
|
$
|
252
|
|
|
$
|
310
|
|
|
$
|
748
|
|
|
$
|
507
|
|
Net gain on mortgage loans held for sale
|
154
|
|
|
232
|
|
|
465
|
|
|
619
|
|
||||
Total revenues
|
406
|
|
|
542
|
|
|
1,213
|
|
|
1,126
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Salaries, wages and benefits
|
183
|
|
|
211
|
|
|
557
|
|
|
613
|
|
||||
General and administrative
|
185
|
|
|
196
|
|
|
552
|
|
|
619
|
|
||||
Total expenses
|
368
|
|
|
407
|
|
|
1,109
|
|
|
1,232
|
|
||||
Other income (expenses):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
157
|
|
|
103
|
|
|
435
|
|
|
313
|
|
||||
Interest expense
|
(181
|
)
|
|
(165
|
)
|
|
(557
|
)
|
|
(493
|
)
|
||||
Other income (expenses)
|
(2
|
)
|
|
(2
|
)
|
|
4
|
|
|
(2
|
)
|
||||
Total other income (expenses), net
|
(26
|
)
|
|
(64
|
)
|
|
(118
|
)
|
|
(182
|
)
|
||||
Income (loss) before income tax expense (benefit)
|
12
|
|
|
71
|
|
|
(14
|
)
|
|
(288
|
)
|
||||
Less: Income tax expense (benefit)
|
5
|
|
|
29
|
|
|
(4
|
)
|
|
(106
|
)
|
||||
Net income (loss)
|
7
|
|
|
42
|
|
|
(10
|
)
|
|
(182
|
)
|
||||
Less: Net income (loss) attributable to non-controlling interests
|
—
|
|
|
(3
|
)
|
|
1
|
|
|
(3
|
)
|
||||
Net income (loss) attributable to Nationstar
|
$
|
7
|
|
|
$
|
45
|
|
|
$
|
(11
|
)
|
|
$
|
(179
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per common share attributable to Nationstar:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.07
|
|
|
$
|
0.46
|
|
|
$
|
(0.11
|
)
|
|
$
|
(1.78
|
)
|
Diluted
|
$
|
0.07
|
|
|
$
|
0.46
|
|
|
$
|
(0.11
|
)
|
|
$
|
(1.78
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of common stock outstanding (in thousands):
|
|
|
|
|
|
|
|
||||||||
Basic
|
97,706
|
|
|
97,461
|
|
|
97,685
|
|
|
100,524
|
|
||||
Dilutive effect of stock awards
|
988
|
|
|
893
|
|
|
—
|
|
|
—
|
|
||||
Diluted
|
98,694
|
|
|
98,354
|
|
|
97,685
|
|
|
100,524
|
|
|
Number of Shares Outstanding (in thousands)
|
|
Amount
(millions of dollars)
|
|||||||||||||||||||||||||||
|
Common Stock
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Treasury Share Amount
|
|
Total Nationstar Stockholders'
Equity
|
|
Non-controlling Interests
|
|
Total
Equity
|
|||||||||||||||
Balance at December 31, 2015
|
108,000
|
|
|
$
|
1
|
|
|
$
|
1,105
|
|
|
$
|
682
|
|
|
$
|
(30
|
)
|
|
$
|
1,758
|
|
|
$
|
9
|
|
|
$
|
1,767
|
|
Shares issued (surrendered) under incentive plan, net
|
87
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|||||||
Excess tax deficiency from share based compensation
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||||||
Repurchase of common stock
|
(10,589
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(114
|
)
|
|
(114
|
)
|
|
—
|
|
|
(114
|
)
|
|||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(179
|
)
|
|
—
|
|
|
(179
|
)
|
|
(3
|
)
|
|
(182
|
)
|
|||||||
Balance at September 30, 2016
|
97,498
|
|
|
$
|
1
|
|
|
$
|
1,119
|
|
|
$
|
503
|
|
|
$
|
(147
|
)
|
|
$
|
1,476
|
|
|
$
|
6
|
|
|
$
|
1,482
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at December 31, 2016
|
97,497
|
|
|
$
|
1
|
|
|
$
|
1,122
|
|
|
$
|
701
|
|
|
$
|
(147
|
)
|
|
$
|
1,677
|
|
|
$
|
6
|
|
|
$
|
1,683
|
|
Shares issued (surrendered) under incentive plan, net
|
226
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
13
|
|
|||||||
Dividends to noncontrolling interests
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
|||||||
Net (loss) income
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
|
1
|
|
|
(10
|
)
|
|||||||
Balance at September 30, 2017
|
97,723
|
|
|
$
|
1
|
|
|
$
|
1,127
|
|
|
$
|
690
|
|
|
$
|
(148
|
)
|
|
$
|
1,670
|
|
|
$
|
7
|
|
|
$
|
1,677
|
|
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Operating Activities
|
|
|
|
||||
Net loss attributable to Nationstar
|
$
|
(11
|
)
|
|
$
|
(179
|
)
|
Adjustments to reconcile net loss to net cash attributable to operating activities:
|
|
|
|
||||
Net income (loss) attributable to non-controlling interest
|
1
|
|
|
(3
|
)
|
||
Net gain on mortgage loans held for sale
|
(465
|
)
|
|
(619
|
)
|
||
Reverse mortgage loan interest income
|
(368
|
)
|
|
(251
|
)
|
||
(Gain) loss on sale of assets
|
(8
|
)
|
|
2
|
|
||
Provision for servicing reserves
|
113
|
|
|
101
|
|
||
Fair value changes and amortization of mortgage servicing rights
|
361
|
|
|
778
|
|
||
Fair value changes in excess spread financing
|
—
|
|
|
(74
|
)
|
||
Fair value changes in mortgage servicing rights financing liability
|
(7
|
)
|
|
(2
|
)
|
||
Amortization of premiums and accretion of discounts
|
63
|
|
|
48
|
|
||
Depreciation and amortization
|
44
|
|
|
48
|
|
||
Share-based compensation
|
13
|
|
|
18
|
|
||
Other losses
|
5
|
|
|
—
|
|
||
Repurchases of forward loan assets out of Ginnie Mae securitizations
|
(943
|
)
|
|
(1,138
|
)
|
||
Repurchases of reverse loan assets out of Ginnie Mae securitizations, net of assignments to prior servicers
|
(2,468
|
)
|
|
(1,609
|
)
|
||
Mortgage loans originated and purchased, net of fees, and other purchase-related activities
|
(14,002
|
)
|
|
(15,063
|
)
|
||
Sales proceeds and loan payment proceeds for mortgage loans held for sale and held for investment
|
15,472
|
|
|
16,268
|
|
||
Excess tax (deficiency) benefit from share-based compensation
|
(1
|
)
|
|
4
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Advances and other receivables, net
|
55
|
|
|
504
|
|
||
Reverse mortgage interests, net
|
3,494
|
|
|
2,022
|
|
||
Other assets
|
(17
|
)
|
|
(136
|
)
|
||
Payables and accrued liabilities
|
(284
|
)
|
|
(139
|
)
|
||
Net cash attributable to operating activities
|
1,047
|
|
|
580
|
|
||
|
|
|
|
||||
Investing Activities
|
|
|
|
||||
Property and equipment additions, net of disposals
|
(34
|
)
|
|
(49
|
)
|
||
Purchase of forward mortgage servicing rights, net of liabilities incurred
|
(28
|
)
|
|
(36
|
)
|
||
Net proceeds from acquisition of reverse mortgage servicing portfolio and HECM related receivables
|
16
|
|
|
—
|
|
||
Proceeds on sale of forward and reverse mortgage servicing rights
|
25
|
|
|
25
|
|
||
Proceeds on sale of assets
|
16
|
|
|
—
|
|
||
Net cash attributable to investing activities
|
(5
|
)
|
|
(60
|
)
|
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Financing Activities
|
|
|
|
||||
Increase in warehouse facilities
|
351
|
|
|
718
|
|
||
Decrease in advance facilities
|
(298
|
)
|
|
(458
|
)
|
||
Proceeds from issuance of HECM securitizations
|
701
|
|
|
724
|
|
||
Repayment of HECM securitizations
|
(484
|
)
|
|
(624
|
)
|
||
Proceeds from issuance of participating interest financing in reverse mortgage interests
|
437
|
|
|
337
|
|
||
Repayment of participating interest financing in reverse mortgage interests
|
(1,730
|
)
|
|
(817
|
)
|
||
Repayment of excess spread financing
|
(168
|
)
|
|
(146
|
)
|
||
Repayment of nonrecourse debt – legacy assets
|
(12
|
)
|
|
(12
|
)
|
||
Repurchase of unsecured senior notes
|
(122
|
)
|
|
(29
|
)
|
||
Repurchase of common stock
|
—
|
|
|
(114
|
)
|
||
Transfers from restricted cash, net
|
38
|
|
|
—
|
|
||
Excess tax deficiency from share based compensation
|
—
|
|
|
(4
|
)
|
||
Surrender of shares relating to stock vesting
|
(4
|
)
|
|
(3
|
)
|
||
Debt financing costs
|
(11
|
)
|
|
(10
|
)
|
||
Dividends to noncontrolling interests
|
(5
|
)
|
|
—
|
|
||
Net cash attributable to financing activities
|
(1,307
|
)
|
|
(438
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(265
|
)
|
|
82
|
|
||
Cash and cash equivalents - beginning of period
|
489
|
|
|
613
|
|
||
Cash and cash equivalents - end of period
|
$
|
224
|
|
|
$
|
695
|
|
|
|
|
|
||||
Supplemental Disclosures of Cash Activities
|
|
|
|
||||
Cash paid for interest expense
|
$
|
577
|
|
|
$
|
510
|
|
Net cash paid for income taxes
|
$
|
92
|
|
|
$
|
29
|
|
MSRs and Related Liabilities
|
September 30, 2017
|
|
December 31, 2016
|
||||
Forward MSRs - fair value
|
$
|
2,956
|
|
|
$
|
3,160
|
|
Reverse MSRs - amortized cost
|
5
|
|
|
6
|
|
||
Mortgage servicing rights
|
$
|
2,961
|
|
|
$
|
3,166
|
|
|
|
|
|
||||
Mortgage servicing liabilities - amortized cost
|
$
|
53
|
|
|
$
|
48
|
|
|
|
|
|
||||
Excess spread financing - fair value
|
$
|
1,046
|
|
|
$
|
1,214
|
|
Mortgage servicing rights financing liability - fair value
|
20
|
|
|
27
|
|
||
MSR related liabilities (nonrecourse)
|
$
|
1,066
|
|
|
$
|
1,241
|
|
|
Nine months ended September 30,
|
||||||
Forward MSRs - Fair Value
|
2017
|
|
2016
|
||||
Fair value - beginning of period
|
$
|
3,160
|
|
|
$
|
3,358
|
|
Additions:
|
|
|
|
||||
Servicing retained from mortgage loans sold
|
151
|
|
|
142
|
|
||
Purchases of servicing rights
|
30
|
|
|
39
|
|
||
Dispositions:
|
|
|
|
||||
Sales of servicing assets
|
(24
|
)
|
|
(24
|
)
|
||
Changes in fair value:
|
|
|
|
||||
Changes in valuation inputs or assumptions used in the valuation model
|
(113
|
)
|
|
(494
|
)
|
||
Other changes in fair value
|
(248
|
)
|
|
(296
|
)
|
||
Fair value - end of period
|
$
|
2,956
|
|
|
$
|
2,725
|
|
Forward MSRs - Sensitivity Pools
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
UPB
|
|
Fair Value
|
|
UPB
|
|
Fair Value
|
||||||||
Credit sensitive
|
$
|
174,318
|
|
|
$
|
1,640
|
|
|
$
|
198,935
|
|
|
$
|
1,818
|
|
Interest sensitive
|
114,132
|
|
|
1,316
|
|
|
113,141
|
|
|
1,342
|
|
||||
Total
|
$
|
288,450
|
|
|
$
|
2,956
|
|
|
$
|
312,076
|
|
|
$
|
3,160
|
|
Credit Sensitive
|
September 30, 2017
|
|
December 31, 2016
|
||
Discount rate
|
11.4
|
%
|
|
11.6
|
%
|
Total prepayment speeds
|
15.4
|
%
|
|
15.4
|
%
|
Expected weighted-average life
|
5.6 years
|
|
|
6.0 years
|
|
|
|
|
|
||
Interest Sensitive
|
|
|
|
||
Discount rate
|
9.2
|
%
|
|
9.3
|
%
|
Total prepayment speeds
|
11.3
|
%
|
|
10.7
|
%
|
Expected weighted-average life
|
6.5 years
|
|
|
6.8 years
|
|
|
Discount Rate
|
|
Total Prepayment Speeds
|
||||||||||||
Forward MSRs - Hypothetical Sensitivities
|
100 bps
Adverse
Change
|
|
200 bps
Adverse
Change
|
|
10%
Adverse
Change
|
|
20%
Adverse
Change
|
||||||||
September 30, 2017
|
|
|
|
|
|
|
|
||||||||
Mortgage servicing rights
|
$
|
(106
|
)
|
|
$
|
(205
|
)
|
|
$
|
(122
|
)
|
|
$
|
(235
|
)
|
December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Mortgage servicing rights
|
$
|
(114
|
)
|
|
$
|
(221
|
)
|
|
$
|
(117
|
)
|
|
$
|
(224
|
)
|
|
Nine months ended September 30,
|
||||||||||||||
|
2017
|
|
2016
|
||||||||||||
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
Reverse MSRs and Liabilities - Amortized Cost
|
|
|
|
|
|
|
|
||||||||
Balance - beginning of period
|
$
|
6
|
|
|
$
|
48
|
|
|
$
|
9
|
|
|
$
|
25
|
|
Increase in MSL
(1)
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
||||
Amortization/accretion
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(14
|
)
|
||||
Balance - end of the period
|
$
|
5
|
|
|
$
|
53
|
|
|
$
|
7
|
|
|
$
|
11
|
|
Fair value - end of period
|
$
|
5
|
|
|
$
|
9
|
|
|
$
|
25
|
|
|
$
|
2
|
|
Excess Spread Financing
|
Prepayment Speeds
|
|
Average
Life (Years) |
|
Discount
Rate |
|
Recapture Rate
|
September 30, 2017
|
|
|
|
|
|
|
|
Low
|
6.7%
|
|
4.3
|
|
8.5%
|
|
7.1%
|
High
|
21.1%
|
|
6.8
|
|
14.1%
|
|
30.0%
|
Weighted-average
|
13.9%
|
|
5.9
|
|
10.8%
|
|
18.8%
|
December 31, 2016
|
|
|
|
|
|
|
|
Low
|
6.1%
|
|
4.1
|
|
8.5%
|
|
6.7%
|
High
|
21.2%
|
|
8.5
|
|
14.1%
|
|
29.8%
|
Weighted-average
|
13.9%
|
|
6.3
|
|
10.8%
|
|
19.0%
|
|
Discount Rate
|
|
Prepayment
Speeds
|
||||||||||||
Excess Spread Financing - Hypothetical Sensitivities
|
100 bps
Adverse
Change
|
|
200 bps
Adverse
Change
|
|
10%
Adverse
Change
|
|
20%
Adverse
Change
|
||||||||
September 30, 2017
|
|
|
|
|
|
|
|
||||||||
Excess spread financing
|
$
|
39
|
|
|
$
|
81
|
|
|
$
|
36
|
|
|
$
|
75
|
|
December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Excess spread financing
|
$
|
49
|
|
|
$
|
101
|
|
|
$
|
41
|
|
|
$
|
85
|
|
Mortgage Servicing Rights Financing Assumptions
|
September 30, 2017
|
|
December 31, 2016
|
||
Advance financing rates
|
3.5
|
%
|
|
3.2
|
%
|
Annual advance recovery rates
|
23.3
|
%
|
|
23.9
|
%
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
Servicing Revenue
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Contractually specified servicing fees
(1)
|
$
|
251
|
|
|
$
|
254
|
|
|
$
|
759
|
|
|
$
|
786
|
|
Other service-related income
(1)
|
44
|
|
|
67
|
|
|
142
|
|
|
214
|
|
||||
Incentive and modification income
(1)
|
19
|
|
|
35
|
|
|
63
|
|
|
82
|
|
||||
Late fees
(1)
|
22
|
|
|
20
|
|
|
67
|
|
|
57
|
|
||||
Reverse servicing fees
|
16
|
|
|
11
|
|
|
43
|
|
|
46
|
|
||||
Mark-to-market
(2)
|
(48
|
)
|
|
(9
|
)
|
|
(176
|
)
|
|
(502
|
)
|
||||
Counterparty revenue share
(3)
|
(53
|
)
|
|
(75
|
)
|
|
(174
|
)
|
|
(223
|
)
|
||||
Amortization, net of accretion
(4)
|
(60
|
)
|
|
(92
|
)
|
|
(187
|
)
|
|
(235
|
)
|
||||
Total servicing revenue
|
$
|
191
|
|
|
$
|
211
|
|
|
$
|
537
|
|
|
$
|
225
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Servicing advances
|
$
|
1,489
|
|
|
$
|
1,614
|
|
Receivables from agencies, investors and prior servicers
|
389
|
|
|
319
|
|
||
Reserves
|
(253
|
)
|
|
(184
|
)
|
||
Total advances and other receivables, net
|
$
|
1,625
|
|
|
$
|
1,749
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
Advances and Other Receivables Reserves
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance - beginning of period
(1)
|
$
|
236
|
|
|
$
|
238
|
|
|
$
|
184
|
|
|
$
|
163
|
|
Provision and other additions
(2)
|
30
|
|
|
37
|
|
|
106
|
|
|
126
|
|
||||
Write-offs
|
(13
|
)
|
|
(95
|
)
|
|
(37
|
)
|
|
(109
|
)
|
||||
Balance - end of period
|
$
|
253
|
|
|
$
|
180
|
|
|
$
|
253
|
|
|
$
|
180
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Participating interests in HMBS
|
$
|
7,573
|
|
|
$
|
8,839
|
|
Other interests securitized
|
985
|
|
|
753
|
|
||
Unsecuritized interests
|
1,829
|
|
|
1,572
|
|
||
Reserves
|
(88
|
)
|
|
(131
|
)
|
||
Total reverse mortgage interests, net
|
$
|
10,299
|
|
|
$
|
11,033
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Repurchased HECM loans
|
$
|
1,407
|
|
|
$
|
1,000
|
|
HECM related receivables
|
291
|
|
|
301
|
|
||
Funded borrower draws not yet securitized
|
113
|
|
|
236
|
|
||
Foreclosed assets
|
18
|
|
|
35
|
|
||
Total unsecuritized interests
|
$
|
1,829
|
|
|
$
|
1,572
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Reserves for reverse mortgage interests - beginning of period
|
$
|
149
|
|
|
$
|
71
|
|
|
$
|
131
|
|
|
$
|
53
|
|
Provision
(1)
|
22
|
|
|
28
|
|
|
44
|
|
|
43
|
|
||||
Write-offs
(2)
|
(29
|
)
|
|
(7
|
)
|
|
(33
|
)
|
|
(7
|
)
|
||||
Other
(3)
|
(54
|
)
|
|
1
|
|
|
(54
|
)
|
|
4
|
|
||||
Reserves for reverse mortgage interests - end of period
|
$
|
88
|
|
|
$
|
93
|
|
|
$
|
88
|
|
|
$
|
93
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Mortgage loans held for sale – unpaid principal balance
|
$
|
1,592
|
|
|
$
|
1,759
|
|
Mark-to-market adjustment
(1)
|
54
|
|
|
29
|
|
||
Total mortgage loans held for sale
|
$
|
1,646
|
|
|
$
|
1,788
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
Mortgage Loans Held for Sale - Unpaid Principal Balance
|
UPB
|
|
Fair Value
|
|
UPB
|
|
Fair Value
|
||||||||
Non-accrual
|
$
|
81
|
|
|
$
|
78
|
|
|
$
|
106
|
|
|
$
|
103
|
|
|
Nine months ended September 30,
|
||||||
Mortgage loans held for sale
|
2017
|
|
2016
|
||||
Balance - beginning of period
|
$
|
1,788
|
|
|
$
|
1,430
|
|
Mortgage loans originated and purchased, net of fees
|
13,988
|
|
|
14,977
|
|
||
Loans sold
|
(15,107
|
)
|
|
(15,743
|
)
|
||
Repurchase of loans out of Ginnie Mae securitizations
|
943
|
|
|
1,138
|
|
||
Transfer of mortgage loans held for sale to advances/accounts receivable related to claims
(1)
|
(16
|
)
|
|
(16
|
)
|
||
Net transfer of mortgage loans held for sale from REO in other assets
(2)
|
20
|
|
|
9
|
|
||
Changes in fair value
|
16
|
|
|
14
|
|
||
Other purchase-related activities
(3)
|
14
|
|
|
30
|
|
||
Balance - end of period
|
$
|
1,646
|
|
|
$
|
1,839
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Mortgage loans held for investment, net – UPB
|
$
|
198
|
|
|
$
|
216
|
|
Transfer discount:
|
|
|
|
||||
Non-accretable
|
(43
|
)
|
|
(52
|
)
|
||
Accretable
|
(12
|
)
|
|
(13
|
)
|
||
Total mortgage loans held for investment, net
|
$
|
143
|
|
|
$
|
151
|
|
|
Nine months ended September 30,
|
||||||
Accretable Yield Discount
|
2017
|
|
2016
|
||||
Balance - beginning of the period
|
$
|
(13
|
)
|
|
$
|
(15
|
)
|
Accretion
|
2
|
|
|
2
|
|
||
Reclassifications from non-accretable discount
|
(1
|
)
|
|
(1
|
)
|
||
Balance - end of the period
|
$
|
(12
|
)
|
|
$
|
(14
|
)
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Accrued revenues
|
$
|
152
|
|
|
$
|
165
|
|
Loans subject to repurchase right from Ginnie Mae
|
143
|
|
|
152
|
|
||
Goodwill
|
72
|
|
|
74
|
|
||
Prepaid expenses
|
28
|
|
|
16
|
|
||
Deposits
|
22
|
|
|
25
|
|
||
Real estate owned (REO), net
|
21
|
|
|
30
|
|
||
Intangible assets
|
20
|
|
|
28
|
|
||
Receivables from affiliates, net
|
6
|
|
|
6
|
|
||
Other
|
83
|
|
|
64
|
|
||
Total other assets
|
$
|
547
|
|
|
$
|
560
|
|
|
Expiration
Dates
|
|
Outstanding
Notional
|
|
Fair
Value
|
|
Recorded
Gains /
(Losses)
|
||||||
Nine months ended September 30, 2017
|
|
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
|
|
||||||
Mortgage loans held for sale, net
|
|
|
|
|
|
|
|
||||||
Loan sale commitments
(1)
|
2017
|
|
$
|
1
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
Derivative financial instruments
|
|
|
|
|
|
|
|
||||||
IRLCs
|
2017
|
|
2,531
|
|
|
68.7
|
|
|
(23.5
|
)
|
|||
Forward sales of MBS
|
2017
|
|
2,524
|
|
|
4.7
|
|
|
(34.5
|
)
|
|||
LPCs
|
2017
|
|
132
|
|
|
1.0
|
|
|
(0.9
|
)
|
|||
Treasury futures
|
2017
|
|
255
|
|
|
2.0
|
|
|
2.0
|
|
|||
Eurodollar futures
(1)
|
2017-2021
|
|
11
|
|
|
—
|
|
|
—
|
|
|||
Interest rate swaps
(1)
|
2017
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|||
Liabilities
|
|
|
|
|
|
|
|
||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
||||||
IRLCs
(1)
|
2017
|
|
7
|
|
|
—
|
|
|
1.1
|
|
|||
Forward sales of MBS
|
2017
|
|
1,137
|
|
|
3.2
|
|
|
6.8
|
|
|||
LPCs
|
2017
|
|
335
|
|
|
1.2
|
|
|
0.3
|
|
|||
Treasury futures
|
2017
|
|
479
|
|
|
2.0
|
|
|
(2.0
|
)
|
|||
Eurodollar futures
(1)
|
2017-2021
|
|
45
|
|
|
—
|
|
|
—
|
|
|||
Interest rate swaps
(1)
|
2017
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|||
|
|
|
|
|
|
|
|
||||||
Year ended December 31, 2016
|
|
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
|
|
||||||
Mortgage loans held for sale
|
|
|
|
|
|
|
|
||||||
Loan sale commitments
|
2017
|
|
$
|
1
|
|
|
$
|
0.1
|
|
|
$
|
(0.2
|
)
|
Derivative financial instruments
|
|
|
|
|
|
|
|
||||||
IRLCs
|
2017
|
|
3,675
|
|
|
92.2
|
|
|
3.1
|
|
|||
Forward sales of MBS
|
2017
|
|
2,580
|
|
|
39.2
|
|
|
33.1
|
|
|||
LPCs
|
2017
|
|
203
|
|
|
1.9
|
|
|
(2.0
|
)
|
|||
Eurodollar futures
(1)
|
2017-2021
|
|
35
|
|
|
—
|
|
|
(0.1
|
)
|
|||
Interest rate swaps
|
2017
|
|
9
|
|
|
0.1
|
|
|
(0.4
|
)
|
|||
Liabilities
|
|
|
|
|
|
|
|
||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
||||||
IRLCs
|
2017
|
|
176
|
|
|
1.1
|
|
|
(1.1
|
)
|
|||
Forward sales of MBS
|
2017
|
|
1,689
|
|
|
10.0
|
|
|
(6.3
|
)
|
|||
LPCs
(1)
|
2017
|
|
111
|
|
|
1.5
|
|
|
—
|
|
|||
Eurodollar futures
(1)
|
2017-2021
|
|
27
|
|
|
—
|
|
|
0.1
|
|
|||
Interest rate swaps
|
2017
|
|
9
|
|
|
0.1
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||
Advance Facilities
|
|
Interest Rate
|
|
Maturity Date
|
|
Collateral
|
|
Capacity Amount
|
|
Outstanding
|
|
Collateral Pledged
|
|
Outstanding
|
|
Collateral pledged
|
||||||||||
Nationstar agency advance receivables trust
|
|
LIBOR+2.0% to 2.6%
|
|
November 2017
(1)
|
|
Servicing advance receivables
|
|
$
|
650
|
|
|
$
|
440
|
|
|
$
|
503
|
|
|
$
|
485
|
|
|
$
|
578
|
|
Nationstar mortgage advance receivable trust
|
|
LIBOR+1.4% to 6.5%
|
|
November 2018
|
|
Servicing advance receivables
|
|
500
|
|
|
163
|
|
|
286
|
|
|
260
|
|
|
301
|
|
|||||
Nationstar agency advance financing facility
|
|
LIBOR+1.0% to 7.4%
|
|
January 2018
|
|
Servicing advance receivables
|
|
200
|
|
|
101
|
|
|
145
|
|
|
164
|
|
|
186
|
|
|||||
MBS servicer advance facility (2014)
|
|
LIBOR+3.5%
|
|
October 2018
|
|
Servicing advance receivables
|
|
125
|
|
|
38
|
|
|
131
|
|
|
88
|
|
|
142
|
|
|||||
MBS advance financing facility
|
|
LIBOR+2.5%
|
|
March 2018
|
|
Servicing advance receivables
|
|
80
|
|
|
56
|
|
|
56
|
|
|
55
|
|
|
60
|
|
|||||
MBS advance financing facility (2012)
(2)
|
|
LIBOR+5.0%
|
|
January 2017
|
|
Servicing advance receivables
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
52
|
|
|||||
Advance facilities principal amount
|
|
|
|
|
|
798
|
|
|
1,121
|
|
|
1,096
|
|
|
1,319
|
|
||||||||||
Unamortized debt issuance costs
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Advance facilities, net
|
|
|
|
$
|
797
|
|
|
$
|
1,121
|
|
|
$
|
1,096
|
|
|
$
|
1,319
|
|
||||||||
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||
Warehouse Facilities
|
|
Interest Rate
|
|
Maturity Date
|
|
Collateral
|
|
Capacity Amount
|
|
Outstanding
|
|
Collateral Pledged
|
|
Outstanding
|
|
Collateral pledged
|
||||||||||
$1,200 warehouse facility
|
|
LIBOR+2.0% to 2.9%
|
|
October 2018
|
|
Mortgage loans or MBS
|
|
$
|
1,200
|
|
|
$
|
719
|
|
|
$
|
762
|
|
|
$
|
682
|
|
|
$
|
747
|
|
$1,000 warehouse facility
|
|
LIBOR+2.1% to 2.4%
|
|
September 2018
|
|
Mortgage loans or MBS
|
|
1,000
|
|
|
317
|
|
|
325
|
|
|
250
|
|
|
256
|
|
|||||
$750 warehouse facility
|
|
LIBOR+2.0% to 2.8%
|
|
November 2017
(1)
|
|
Mortgage loans or MBS
|
|
750
|
|
|
514
|
|
|
555
|
|
|
410
|
|
|
415
|
|
|||||
$500 warehouse facility
|
|
LIBOR+1.8% to 2.8%
|
|
September 2018
|
|
Mortgage loans or MBS
|
|
500
|
|
|
221
|
|
|
226
|
|
|
229
|
|
|
237
|
|
|||||
$500 warehouse facility
|
|
LIBOR+1.8% to 3.3%
|
|
June 2018
|
|
Mortgage loans or MBS
|
|
500
|
|
|
384
|
|
|
417
|
|
|
496
|
|
|
539
|
|
|||||
$350 warehouse facility
|
|
LIBOR+2.5% to 2.8%
|
|
April 2018
|
|
Mortgage loans or MBS
|
|
350
|
|
|
186
|
|
|
202
|
|
|
12
|
|
|
13
|
|
|||||
$450 warehouse facility
|
|
LIBOR+2.5% to 2.6%
|
|
November 2017
(1)
|
|
Mortgage loans or MBS
|
|
450
|
|
|
281
|
|
|
292
|
|
|
173
|
|
|
189
|
|
|||||
$300 warehouse facility
|
|
LIBOR+2.3%
|
|
January 2018
|
|
Mortgage loans or MBS
|
|
300
|
|
|
127
|
|
|
152
|
|
|
153
|
|
|
180
|
|
|||||
$200 warehouse facility
|
|
LIBOR+1.5%
|
|
April 2019
|
|
Mortgage loans or MBS
|
|
200
|
|
|
22
|
|
|
23
|
|
|
7
|
|
|
8
|
|
|||||
$40 warehouse
facility
|
|
LIBOR+3.0%
|
|
December 2017
|
|
Mortgage loans or MBS
|
|
40
|
|
|
4
|
|
|
6
|
|
|
11
|
|
|
18
|
|
|||||
Warehouse facilities principal amount
|
|
|
|
|
|
2,775
|
|
|
2,960
|
|
|
2,423
|
|
|
2,602
|
|
||||||||||
Unamortized debt issuance costs
|
|
|
|
|
|
(1
|
)
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
||||||||||
Warehouse facilities, net
|
|
|
|
$
|
2,774
|
|
|
$
|
2,960
|
|
|
$
|
2,421
|
|
|
$
|
2,602
|
|
||||||||
|
||||||||||||||||||||||||||
Pledged Collateral:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage loans, net
|
|
|
|
|
|
|
|
$
|
1,602
|
|
|
$
|
1,692
|
|
|
$
|
1,693
|
|
|
$
|
1,427
|
|
||||
Reverse mortgage interests, net
|
|
|
|
|
|
|
|
1,173
|
|
|
1,268
|
|
|
730
|
|
|
834
|
|
||||||||
MSR and other collateral
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
341
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1)
This facility has not matured as of the date this report is filed.
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(2)
This MBS Advance Financing facility was paid off in full in February 2017.
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
|||||||||||||||||
$600 face value, 6.500% interest rate payable semi-annually, due July 2021
|
$
|
594
|
|
|
$
|
595
|
|
|||||||||||||
$400 face value, 7.875% interest rate payable semi-annually, due October 2020
|
397
|
|
|
400
|
|
|||||||||||||||
$475 face value, 6.500% interest rate payable semi-annually, due August 2018
|
364
|
|
|
461
|
|
|||||||||||||||
$375 face value, 9.625% interest rate payable semi-annually, due May 2019
|
324
|
|
|
345
|
|
|||||||||||||||
$300 face value, 6.500% interest rate payable semi-annually, due June 2022
|
206
|
|
|
206
|
|
|||||||||||||||
Unsecured senior notes principal amount
|
1,885
|
|
|
2,007
|
|
|||||||||||||||
Unamortized debt issuance costs
|
(12
|
)
|
|
(17
|
)
|
|||||||||||||||
Unsecured senior notes, net
|
$
|
1,873
|
|
|
$
|
1,990
|
|
Year ending December 31,
|
|
Amount
|
||
2017
|
|
$
|
—
|
|
2018
|
|
364
|
|
|
2019
|
|
324
|
|
|
2020
|
|
397
|
|
|
2021
|
|
594
|
|
|
Thereafter
|
|
206
|
|
|
Unsecured senior notes principal amount
|
|
1,885
|
|
|
Unamortized debt issuance costs
|
|
(12
|
)
|
|
Unsecured senior notes, net
|
|
$
|
1,873
|
|
|
|
|
|
|
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||
|
Issue Date
|
|
Maturity Date
|
|
Class of Note
|
|
Securitized Amount
|
|
Outstanding
|
|
Outstanding
|
||||||
Participating Interest Financing
(1)
|
—
|
|
—
|
|
—
|
|
$
|
—
|
|
|
$
|
7,640
|
|
|
$
|
8,914
|
|
Securitization of nonperforming HECM loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trust 2015-2
|
November 2015
|
|
November 2025
|
|
A, M1, M2
|
|
—
|
|
|
—
|
|
|
114
|
|
|||
Trust 2016-1
|
March 2016
|
|
February 2026
|
|
A, M1, M2
|
|
—
|
|
|
—
|
|
|
194
|
|
|||
Trust 2016-2
|
June 2016
|
|
June 2026
|
|
A, M1, M2
|
|
132
|
|
|
105
|
|
|
158
|
|
|||
Trust 2016-3
|
August 2016
|
|
August 2026
|
|
A, M1, M2
|
|
183
|
|
|
153
|
|
|
208
|
|
|||
Trust 2017-1
|
May 2017
|
|
May 2027
|
|
A, M1, M2
|
|
268
|
|
|
240
|
|
|
—
|
|
|||
Trust 2017-2
|
September 2017
|
|
September 2027
|
|
A, M1, M2
|
|
399
|
|
|
399
|
|
|
—
|
|
|||
Nonrecourse debt - legacy assets
|
November 2009
|
|
October 2039
|
|
A
|
|
133
|
|
|
39
|
|
|
50
|
|
|||
Other nonrecourse debt principal amount
|
|
|
|
|
|
|
|
|
8,576
|
|
|
9,638
|
|
||||
Unamortized debt issuance costs
|
|
|
|
|
|
|
|
|
(7
|
)
|
|
(7
|
)
|
||||
Other nonrecourse debt, net
|
|
|
|
|
|
|
|
|
$
|
8,569
|
|
|
$
|
9,631
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||
Payables to servicing and subservicing investors
|
$
|
572
|
|
|
$
|
655
|
|
Loans subject to repurchase from Ginnie Mae
|
143
|
|
|
152
|
|
||
Accounts payable and other accrued liabilities
|
89
|
|
|
178
|
|
||
Accrued bonus and payroll
|
78
|
|
|
95
|
|
||
Accrued interest
|
64
|
|
|
65
|
|
||
Payable to insurance carriers and insurance cancellation reserves
|
60
|
|
|
73
|
|
||
Professional and legal
|
54
|
|
|
47
|
|
||
Payable to GSEs and securitized trusts
|
53
|
|
|
58
|
|
||
Lease obligations
|
28
|
|
|
24
|
|
||
Taxes
|
21
|
|
|
84
|
|
||
Repurchase reserves
|
15
|
|
|
18
|
|
||
MSR purchases payable including advances
|
11
|
|
|
21
|
|
||
Total payables and accrued liabilities
|
$
|
1,188
|
|
|
$
|
1,470
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
Repurchase Reserves
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance - beginning of period
|
$
|
14
|
|
|
$
|
26
|
|
|
$
|
18
|
|
|
$
|
26
|
|
Provision, net of release
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
||||
Charge-offs
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||
Balance - end of period
|
$
|
15
|
|
|
$
|
25
|
|
|
$
|
15
|
|
|
$
|
25
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Transfers
Accounted for as Secured Borrowings |
|
Reverse Secured Borrowings
|
|
Transfers
Accounted for as Secured Borrowings |
|
Reverse Secured Borrowings
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Restricted cash
|
$
|
121
|
|
|
$
|
25
|
|
|
$
|
190
|
|
|
$
|
37
|
|
Reverse mortgage interests, net
|
—
|
|
|
8,515
|
|
|
—
|
|
|
9,557
|
|
||||
Advances and other receivables, net
|
934
|
|
|
—
|
|
|
1,065
|
|
|
—
|
|
||||
Mortgage loans held for investment, net
|
142
|
|
|
—
|
|
|
150
|
|
|
—
|
|
||||
Other assets
|
2
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||
Total assets
|
$
|
1,199
|
|
|
$
|
8,540
|
|
|
$
|
1,409
|
|
|
$
|
9,594
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Advance facilities
(1)
|
$
|
704
|
|
|
$
|
—
|
|
|
$
|
909
|
|
|
$
|
—
|
|
Payables and accrued liabilities
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Participating interest financing
(2)
|
—
|
|
|
7,573
|
|
|
—
|
|
|
8,840
|
|
||||
HECM Securitizations (HMBS)
|
|
|
|
|
|
|
|
||||||||
Trust 2015-2
|
—
|
|
|
—
|
|
|
—
|
|
|
114
|
|
||||
Trust 2016-1
|
—
|
|
|
—
|
|
|
—
|
|
|
194
|
|
||||
Trust 2016-2
|
—
|
|
|
105
|
|
|
—
|
|
|
158
|
|
||||
Trust 2016-3
|
—
|
|
|
153
|
|
|
—
|
|
|
208
|
|
||||
Trust 2017-1
|
—
|
|
|
240
|
|
|
—
|
|
|
—
|
|
||||
Trust 2017-2
|
—
|
|
|
399
|
|
|
—
|
|
|
—
|
|
||||
Nonrecourse debt–legacy assets
|
39
|
|
|
—
|
|
|
50
|
|
|
—
|
|
||||
Total liabilities
|
$
|
744
|
|
|
$
|
8,470
|
|
|
$
|
960
|
|
|
$
|
9,514
|
|
|
September 30, 2017
|
|
December 31, 2016
|
|
|||
Total collateral balances
|
$
|
2,373
|
|
|
$
|
2,704
|
|
Total certificate balances
|
$
|
2,214
|
|
|
$
|
2,455
|
|
Principal Amount of Loans 60 Days or More Past Due
|
September 30, 2017
|
|
December 31, 2016
|
||||
Unconsolidated securitization trusts
|
$
|
430
|
|
|
$
|
548
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Income tax expense (benefit)
|
$
|
5
|
|
|
$
|
29
|
|
|
$
|
(4
|
)
|
|
$
|
(106
|
)
|
|
|
|
|
|
|
|
|
||||||||
Effective tax rate
|
37.1
|
%
|
|
40.6
|
%
|
|
29.1
|
%
|
|
36.8
|
%
|
|
September 30, 2017
|
||||||||||||||
|
|
|
Recurring Fair Value Measurements
|
||||||||||||
|
Total Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Mortgage loans held for sale
(1)
|
$
|
1,645.7
|
|
|
$
|
—
|
|
|
$
|
1,645.7
|
|
|
$
|
—
|
|
Mortgage servicing rights
(1)
|
2,956.1
|
|
|
—
|
|
|
—
|
|
|
2,956.1
|
|
||||
Derivative financial instruments
|
|
|
|
|
|
|
|
||||||||
IRLCs
|
68.7
|
|
|
—
|
|
|
68.7
|
|
|
—
|
|
||||
Forward MBS trades
|
4.7
|
|
|
—
|
|
|
4.7
|
|
|
—
|
|
||||
LPCs
|
1.0
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
||||
Treasury futures
|
2.0
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
||||
Total assets
|
$
|
4,678.2
|
|
|
$
|
—
|
|
|
$
|
1,722.1
|
|
|
$
|
2,956.1
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
||||||||
Forward MBS trades
|
$
|
3.2
|
|
|
$
|
—
|
|
|
$
|
3.2
|
|
|
$
|
—
|
|
LPCs
|
1.2
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
||||
Treasury futures
|
2.0
|
|
|
—
|
|
|
2.0
|
|
|
—
|
|
||||
Mortgage servicing rights financing
|
20.5
|
|
|
—
|
|
|
—
|
|
|
20.5
|
|
||||
Excess spread financing
|
1,045.6
|
|
|
—
|
|
|
—
|
|
|
1,045.6
|
|
||||
Total liabilities
|
$
|
1,072.5
|
|
|
$
|
—
|
|
|
$
|
6.4
|
|
|
$
|
1,066.1
|
|
|
December 31, 2016
|
||||||||||||||
|
|
|
Recurring Fair Value Measurements
|
||||||||||||
|
Total Fair Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Mortgage loans held for sale
(1)
|
$
|
1,788.0
|
|
|
$
|
—
|
|
|
$
|
1,788.0
|
|
|
$
|
—
|
|
Mortgage servicing rights
(1)
|
3,160.0
|
|
|
—
|
|
|
—
|
|
|
3,160.0
|
|
||||
Derivative financial instruments
|
|
|
|
|
|
|
|
||||||||
IRLCs
|
92.2
|
|
|
—
|
|
|
92.2
|
|
|
—
|
|
||||
Forward MBS trades
|
39.2
|
|
|
—
|
|
|
39.2
|
|
|
—
|
|
||||
LPCs
|
1.9
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
||||
Interest rate swaps and caps
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
||||
Total assets
|
$
|
5,081.4
|
|
|
$
|
—
|
|
|
$
|
1,921.4
|
|
|
$
|
3,160.0
|
|
Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
||||||||
IRLCs
|
$
|
1.1
|
|
|
$
|
—
|
|
|
$
|
1.1
|
|
|
$
|
—
|
|
Forward MBS trades
|
10.0
|
|
|
—
|
|
|
10.0
|
|
|
—
|
|
||||
LPCs
|
1.5
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
||||
Interest rate swaps and caps
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
||||
Mortgage servicing rights financing
|
27.0
|
|
|
—
|
|
|
—
|
|
|
27.0
|
|
||||
Excess spread financing
|
1,214.0
|
|
|
—
|
|
|
—
|
|
|
1,214.0
|
|
||||
Total liabilities
|
$
|
1,253.7
|
|
|
$
|
—
|
|
|
$
|
12.7
|
|
|
$
|
1,241.0
|
|
|
Assets
|
|
Liabilities
|
||||||||
|
Mortgage servicing rights
|
|
Excess spread financing
|
|
Mortgage servicing rights financing
|
||||||
Nine months ended September 30, 2017
|
|
|
|
|
|
||||||
Balance - beginning of period
|
$
|
3,160
|
|
|
$
|
1,214
|
|
|
$
|
27
|
|
Total gains or losses included in earnings
|
(361
|
)
|
|
—
|
|
|
(7
|
)
|
|||
Purchases, issuances, sales and settlements:
|
|
|
|
|
|
||||||
Purchases
|
30
|
|
|
—
|
|
|
—
|
|
|||
Issuances
|
151
|
|
|
—
|
|
|
—
|
|
|||
Sales
|
(24
|
)
|
|
—
|
|
|
—
|
|
|||
Settlements
|
—
|
|
|
(168
|
)
|
|
—
|
|
|||
Balance - end of period
|
$
|
2,956
|
|
|
$
|
1,046
|
|
|
$
|
20
|
|
|
Assets
|
|
Liabilities
|
||||||||
|
Mortgage servicing rights
|
|
Excess spread financing
|
|
Mortgage servicing rights financing
|
||||||
Year ended December 31, 2016
|
|
|
|
|
|
||||||
Balance - beginning of period
|
$
|
3,358
|
|
|
$
|
1,232
|
|
|
$
|
69
|
|
Total gains or losses included in earnings
|
(496
|
)
|
|
25
|
|
|
(42
|
)
|
|||
Purchases, issuances, sales and settlements:
|
|
|
|
|
|
||||||
Purchases
|
157
|
|
|
—
|
|
|
—
|
|
|||
Issuances
|
208
|
|
|
155
|
|
|
—
|
|
|||
Sales
|
(67
|
)
|
|
—
|
|
|
—
|
|
|||
Settlements
|
—
|
|
|
(198
|
)
|
|
—
|
|
|||
Balance - end of period
|
$
|
3,160
|
|
|
$
|
1,214
|
|
|
$
|
27
|
|
|
September 30, 2017
|
||||||||||||||
|
Carrying
Amount
|
|
Fair Value
|
||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
224
|
|
|
$
|
224
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash
|
356
|
|
|
356
|
|
|
—
|
|
|
—
|
|
||||
Advances and other receivables, net
|
1,625
|
|
|
—
|
|
|
—
|
|
|
1,625
|
|
||||
Reverse mortgage interests, net
|
10,299
|
|
|
—
|
|
|
—
|
|
|
10,539
|
|
||||
Mortgage loans held for sale
|
1,646
|
|
|
—
|
|
|
1,646
|
|
|
—
|
|
||||
Mortgage loans held for investment, net
|
143
|
|
|
—
|
|
|
—
|
|
|
143
|
|
||||
Derivative financial instruments
|
76
|
|
|
—
|
|
|
76
|
|
|
—
|
|
||||
Financial liabilities
|
|
|
|
|
|
|
|
||||||||
Unsecured senior notes
|
1,885
|
|
|
1,920
|
|
|
—
|
|
|
—
|
|
||||
Advance facilities
|
798
|
|
|
—
|
|
|
798
|
|
|
—
|
|
||||
Warehouse facilities
|
2,775
|
|
|
—
|
|
|
2,775
|
|
|
—
|
|
||||
Mortgage servicing rights financing liability
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
||||
Derivative financial instruments
|
7
|
|
|
—
|
|
|
7
|
|
|
—
|
|
||||
Excess spread financing
|
1,046
|
|
|
—
|
|
|
—
|
|
|
1,046
|
|
||||
Participating interest financing
|
7,640
|
|
|
—
|
|
|
7,840
|
|
|
—
|
|
||||
HECM Securitization (HMBS)
|
|
|
|
|
|
|
|
||||||||
Trust 2016-2
|
105
|
|
|
—
|
|
|
—
|
|
|
121
|
|
||||
Trust 2016-3
|
153
|
|
|
—
|
|
|
—
|
|
|
170
|
|
||||
Trust 2017-1
|
240
|
|
|
—
|
|
|
—
|
|
|
252
|
|
||||
Trust 2017-2
|
399
|
|
|
—
|
|
|
—
|
|
|
400
|
|
||||
Nonrecourse debt - legacy assets
|
39
|
|
|
—
|
|
|
—
|
|
|
38
|
|
||||
|
December 31, 2016
|
||||||||||||||
|
Carrying
Amount
|
|
Fair Value
|
||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
489
|
|
|
$
|
489
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash
|
388
|
|
|
388
|
|
|
—
|
|
|
—
|
|
||||
Advances and other receivables, net
|
1,749
|
|
|
—
|
|
|
—
|
|
|
1,749
|
|
||||
Reverse mortgage interests, net
|
11,033
|
|
|
—
|
|
|
—
|
|
|
11,232
|
|
||||
Mortgage loans held for sale
|
1,788
|
|
|
—
|
|
|
1,788
|
|
|
—
|
|
||||
Mortgage loans held for investment, net
|
151
|
|
|
—
|
|
|
—
|
|
|
153
|
|
||||
Derivative financial instruments
|
133
|
|
|
—
|
|
|
133
|
|
|
—
|
|
||||
Financial liabilities
|
|
|
|
|
|
|
|
||||||||
Unsecured senior notes
|
2,007
|
|
|
2,047
|
|
|
—
|
|
|
—
|
|
||||
Advance facilities
|
1,096
|
|
|
—
|
|
|
1,096
|
|
|
—
|
|
||||
Warehouse facilities
|
2,423
|
|
|
—
|
|
|
2,423
|
|
|
—
|
|
||||
Mortgage servicing rights financing liability
|
27
|
|
|
—
|
|
|
—
|
|
|
27
|
|
||||
Excess spread financing
|
1,214
|
|
|
—
|
|
|
—
|
|
|
1,214
|
|
||||
Derivative financial instruments
|
13
|
|
|
—
|
|
|
13
|
|
|
—
|
|
||||
Participating interest financing
|
8,914
|
|
|
—
|
|
|
9,151
|
|
|
—
|
|
||||
HECM Securitization (HMBS)
|
|
|
|
|
|
|
|
||||||||
Trust 2015-2
|
114
|
|
|
—
|
|
|
—
|
|
|
125
|
|
||||
Trust 2016-1
|
194
|
|
|
—
|
|
|
—
|
|
|
203
|
|
||||
Trust 2016-2
|
158
|
|
|
—
|
|
|
—
|
|
|
156
|
|
||||
Trust 2016-3
|
208
|
|
|
—
|
|
|
—
|
|
|
205
|
|
||||
Nonrecourse debt - legacy assets
|
50
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
|
Three months ended September 30, 2017
|
||||||||||||||||||||||||||
|
|
Servicing
|
|
Originations
|
|
Xome
|
|
Eliminations
|
|
Total Operating Segments
|
|
Corporate and Other
|
|
Consolidated
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Service related, net
|
|
$
|
191
|
|
|
$
|
16
|
|
|
$
|
65
|
|
|
$
|
(20
|
)
|
|
$
|
252
|
|
|
$
|
—
|
|
|
$
|
252
|
|
Net gain on mortgage loans held for sale
|
|
—
|
|
|
134
|
|
|
—
|
|
|
20
|
|
|
154
|
|
|
—
|
|
|
154
|
|
|||||||
Total revenues
|
|
191
|
|
|
150
|
|
|
65
|
|
|
—
|
|
|
406
|
|
|
—
|
|
|
406
|
|
|||||||
Total Expenses
|
|
185
|
|
|
106
|
|
|
54
|
|
|
—
|
|
|
345
|
|
|
23
|
|
|
368
|
|
|||||||
Other income (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest income
|
|
141
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
155
|
|
|
2
|
|
|
157
|
|
|||||||
Interest expense
|
|
(130
|
)
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
(143
|
)
|
|
(38
|
)
|
|
(181
|
)
|
|||||||
Other
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||||||
Total Other Income (expenses), net
|
|
9
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
(36
|
)
|
|
(26
|
)
|
|||||||
Income (loss) before income tax expense (benefit)
|
|
$
|
15
|
|
|
$
|
45
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
71
|
|
|
$
|
(59
|
)
|
|
$
|
12
|
|
Depreciation and amortization
|
|
$
|
6
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
3
|
|
|
$
|
15
|
|
Total assets
|
|
15,147
|
|
|
4,644
|
|
|
382
|
|
|
(2,948
|
)
|
|
17,225
|
|
|
779
|
|
|
18,004
|
|
|
|
Three months ended September 30, 2016
(1)
|
||||||||||||||||||||||||||
|
|
Servicing
|
|
Originations
|
|
Xome
|
|
Eliminations
|
|
Total Operating Segments
|
|
Corporate and Other
|
|
Consolidated
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Service related, net
|
|
$
|
211
|
|
|
$
|
16
|
|
|
$
|
107
|
|
|
$
|
(23
|
)
|
|
$
|
311
|
|
|
$
|
(1
|
)
|
|
$
|
310
|
|
Net gain on mortgage loans held for sale
|
|
—
|
|
|
208
|
|
|
—
|
|
|
23
|
|
|
231
|
|
|
1
|
|
|
232
|
|
|||||||
Total revenues
|
|
211
|
|
|
224
|
|
|
107
|
|
|
—
|
|
|
542
|
|
|
—
|
|
|
542
|
|
|||||||
Total Expenses
|
|
150
|
|
|
141
|
|
|
87
|
|
|
—
|
|
|
378
|
|
|
29
|
|
|
407
|
|
|||||||
Other income (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest income
|
|
82
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|
4
|
|
|
103
|
|
|||||||
Interest expense
|
|
(108
|
)
|
|
(16
|
)
|
|
—
|
|
|
—
|
|
|
(124
|
)
|
|
(41
|
)
|
|
(165
|
)
|
|||||||
Other
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|||||||
Total Other Income (expenses), net
|
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(38
|
)
|
|
(64
|
)
|
|||||||
Income (loss) before income tax expense (benefit)
|
|
$
|
35
|
|
|
$
|
83
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
138
|
|
|
$
|
(67
|
)
|
|
$
|
71
|
|
Depreciation and amortization
|
|
$
|
6
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
4
|
|
|
$
|
17
|
|
Total assets
|
|
12,250
|
|
|
4,523
|
|
|
345
|
|
|
(2,432
|
)
|
|
14,686
|
|
|
1,160
|
|
|
15,846
|
|
|
|
Nine months ended September 30, 2017
|
||||||||||||||||||||||||||
|
|
Servicing
|
|
Originations
|
|
Xome
|
|
Eliminations
|
|
Total Operating Segments
|
|
Corporate and Other
|
|
Consolidated
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Service related, net
|
|
$
|
537
|
|
|
$
|
47
|
|
|
$
|
226
|
|
|
$
|
(63
|
)
|
|
$
|
747
|
|
|
$
|
1
|
|
|
$
|
748
|
|
Net gain on mortgage loans held for sale
|
|
—
|
|
|
402
|
|
|
—
|
|
|
63
|
|
|
465
|
|
|
—
|
|
|
465
|
|
|||||||
Total revenues
|
|
537
|
|
|
449
|
|
|
226
|
|
|
—
|
|
|
1,212
|
|
|
1
|
|
|
1,213
|
|
|||||||
Total Expenses
|
|
518
|
|
|
326
|
|
|
193
|
|
|
—
|
|
|
1,037
|
|
|
72
|
|
|
1,109
|
|
|||||||
Other income (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest income
|
|
384
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
423
|
|
|
12
|
|
|
435
|
|
|||||||
Interest expense
|
|
(402
|
)
|
|
(39
|
)
|
|
—
|
|
|
—
|
|
|
(441
|
)
|
|
(116
|
)
|
|
(557
|
)
|
|||||||
Other
|
|
(2
|
)
|
|
—
|
|
|
8
|
|
|
—
|
|
|
6
|
|
|
(2
|
)
|
|
4
|
|
|||||||
Total Other Income (expenses), net
|
|
(20
|
)
|
|
—
|
|
|
8
|
|
|
—
|
|
|
(12
|
)
|
|
(106
|
)
|
|
(118
|
)
|
|||||||
Income (loss) before income tax expense (benefit)
|
|
$
|
(1
|
)
|
|
$
|
123
|
|
|
$
|
41
|
|
|
$
|
—
|
|
|
$
|
163
|
|
|
$
|
(177
|
)
|
|
$
|
(14
|
)
|
Depreciation and amortization
|
|
$
|
16
|
|
|
$
|
8
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
34
|
|
|
$
|
10
|
|
|
$
|
44
|
|
Total assets
|
|
15,147
|
|
|
4,644
|
|
|
382
|
|
|
(2,948
|
)
|
|
17,225
|
|
|
779
|
|
|
18,004
|
|
|
|
Nine months ended September 30, 2016
(1)
|
||||||||||||||||||||||||||
|
|
Servicing
|
|
Originations
|
|
Xome
|
|
Eliminations
|
|
Total Operating Segments
|
|
Corporate and Other
|
|
Consolidated
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Service related, net
|
|
$
|
225
|
|
|
$
|
47
|
|
|
$
|
327
|
|
|
$
|
(93
|
)
|
|
$
|
506
|
|
|
$
|
1
|
|
|
$
|
507
|
|
Net gain on mortgage loans held for sale
|
|
—
|
|
|
526
|
|
|
—
|
|
|
93
|
|
|
619
|
|
|
—
|
|
|
619
|
|
|||||||
Total revenues
|
|
225
|
|
|
573
|
|
|
327
|
|
|
—
|
|
|
1,125
|
|
|
1
|
|
|
1,126
|
|
|||||||
Total Expenses
|
|
477
|
|
|
394
|
|
|
274
|
|
|
—
|
|
|
1,145
|
|
|
87
|
|
|
1,232
|
|
|||||||
Other income (expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest income
|
|
254
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
302
|
|
|
11
|
|
|
313
|
|
|||||||
Interest expense
|
|
(325
|
)
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
|
(369
|
)
|
|
(124
|
)
|
|
(493
|
)
|
|||||||
Other
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|||||||
Total Other Income (expenses), net
|
|
(71
|
)
|
|
3
|
|
|
—
|
|
|
—
|
|
|
(68
|
)
|
|
(114
|
)
|
|
(182
|
)
|
|||||||
Income (loss) before income tax expense (benefit)
|
|
$
|
(323
|
)
|
|
$
|
182
|
|
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
(88
|
)
|
|
$
|
(200
|
)
|
|
$
|
(288
|
)
|
Depreciation and amortization
|
|
$
|
17
|
|
|
$
|
9
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
42
|
|
|
$
|
6
|
|
|
$
|
48
|
|
Total assets
|
|
12,250
|
|
|
4,523
|
|
|
345
|
|
|
(2,432
|
)
|
|
14,686
|
|
|
1,160
|
|
|
15,846
|
|
NATIONSTAR MORTGAGE HOLDINGS INC.
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30, 2017
|
|||||||||||||||||||||||
|
Nationstar
|
|
Issuer
(1)
|
|
Guarantor
(Subsidiaries of Issuer) |
|
Non-Guarantor
(Subsidiaries of Issuer) |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
201
|
|
|
$
|
1
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
224
|
|
Restricted cash
|
—
|
|
|
211
|
|
|
—
|
|
|
145
|
|
|
—
|
|
|
356
|
|
||||||
Mortgage servicing rights
|
—
|
|
|
2,931
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
2,961
|
|
||||||
Advances and other receivables, net
|
—
|
|
|
1,625
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,625
|
|
||||||
Reverse mortgage interests, net
|
—
|
|
|
9,357
|
|
|
—
|
|
|
942
|
|
|
—
|
|
|
10,299
|
|
||||||
Mortgage loans held for sale at fair value
|
—
|
|
|
1,646
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,646
|
|
||||||
Mortgage loans held for investment, net
|
—
|
|
|
1
|
|
|
—
|
|
|
142
|
|
|
—
|
|
|
143
|
|
||||||
Property and equipment, net
|
—
|
|
|
108
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
127
|
|
||||||
Derivative financial instruments at fair value
|
—
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
||||||
Other assets
|
—
|
|
|
445
|
|
|
177
|
|
|
731
|
|
|
(806
|
)
|
|
547
|
|
||||||
Investment in subsidiaries
|
1,801
|
|
|
507
|
|
|
—
|
|
|
—
|
|
|
(2,308
|
)
|
|
—
|
|
||||||
Total assets
|
$
|
1,801
|
|
|
$
|
17,108
|
|
|
$
|
178
|
|
|
$
|
2,031
|
|
|
$
|
(3,114
|
)
|
|
$
|
18,004
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unsecured senior notes
|
$
|
—
|
|
|
$
|
1,873
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,873
|
|
Advance facilities, net
|
—
|
|
|
93
|
|
|
—
|
|
|
704
|
|
|
—
|
|
|
797
|
|
||||||
Warehouse facilities, net
|
—
|
|
|
2,774
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,774
|
|
||||||
Payables and accrued liabilities
|
—
|
|
|
1,149
|
|
|
2
|
|
|
37
|
|
|
—
|
|
|
1,188
|
|
||||||
MSR related liabilities - nonrecourse at fair value
|
—
|
|
|
1,046
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
1,066
|
|
||||||
Mortgage servicing liabilities
|
—
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
||||||
Derivative financial instruments, at fair value
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
||||||
Other nonrecourse debt, net
|
—
|
|
|
7,632
|
|
|
—
|
|
|
937
|
|
|
—
|
|
|
8,569
|
|
||||||
Payables to affiliates
|
124
|
|
|
680
|
|
|
—
|
|
|
2
|
|
|
(806
|
)
|
|
—
|
|
||||||
Total liabilities
|
124
|
|
|
15,307
|
|
|
2
|
|
|
1,700
|
|
|
(806
|
)
|
|
16,327
|
|
||||||
Total stockholders' equity
|
1,677
|
|
|
1,801
|
|
|
176
|
|
|
331
|
|
|
(2,308
|
)
|
|
1,677
|
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,801
|
|
|
$
|
17,108
|
|
|
$
|
178
|
|
|
$
|
2,031
|
|
|
$
|
(3,114
|
)
|
|
$
|
18,004
|
|
NATIONSTAR MORTGAGE HOLDINGS INC.
CONSOLIDATING STATEMENT OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 2017
|
|||||||||||||||||||||||
|
Nationstar
|
|
Issuer
(1)
|
|
Guarantor
(Subsidiaries of Issuer) |
|
Non-Guarantor
(Subsidiaries of Issuer) |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service related, net
|
$
|
—
|
|
|
$
|
181
|
|
|
$
|
7
|
|
|
$
|
64
|
|
|
$
|
—
|
|
|
$
|
252
|
|
Net gain on mortgage loans held for sale
|
—
|
|
|
153
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
154
|
|
||||||
Total revenues
|
—
|
|
|
334
|
|
|
7
|
|
|
65
|
|
|
—
|
|
|
406
|
|
||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries, wages benefits
|
—
|
|
|
153
|
|
|
1
|
|
|
29
|
|
|
—
|
|
|
183
|
|
||||||
General and administrative
|
—
|
|
|
154
|
|
|
4
|
|
|
27
|
|
|
—
|
|
|
185
|
|
||||||
Total expenses
|
—
|
|
|
307
|
|
|
5
|
|
|
56
|
|
|
—
|
|
|
368
|
|
||||||
Other income (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
—
|
|
|
145
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
157
|
|
||||||
Interest expense
|
—
|
|
|
(168
|
)
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
(181
|
)
|
||||||
Other income (expense)
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(2
|
)
|
||||||
Gain (loss) from subsidiaries
|
7
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
||||||
Total other income (expenses), net
|
7
|
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
(26
|
)
|
||||||
Income (loss) before income tax expense (benefit)
|
7
|
|
|
12
|
|
|
2
|
|
|
9
|
|
|
(18
|
)
|
|
12
|
|
||||||
Less: Income tax expense
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||||
Net income (loss)
|
7
|
|
|
7
|
|
|
2
|
|
|
9
|
|
|
(18
|
)
|
|
7
|
|
||||||
Less: Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net income (loss) attributable to Nationstar
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
2
|
|
|
$
|
9
|
|
|
$
|
(18
|
)
|
|
$
|
7
|
|
NATIONSTAR MORTGAGE HOLDINGS INC.
CONSOLIDATING STATEMENT OF OPERATIONS
NINE MONTHS ENDED SPETEMBER 30, 2017
|
|||||||||||||||||||||||
|
Nationstar
|
|
Issuer
(1)
|
|
Guarantor
(Subsidiaries of Issuer) |
|
Non-Guarantor
(Subsidiaries of Issuer) |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service related, net
|
$
|
—
|
|
|
$
|
497
|
|
|
$
|
21
|
|
|
$
|
230
|
|
|
$
|
—
|
|
|
$
|
748
|
|
Net gain on mortgage loans held for sale
|
—
|
|
|
464
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
465
|
|
||||||
Total revenues
|
—
|
|
|
961
|
|
|
21
|
|
|
231
|
|
|
—
|
|
|
1,213
|
|
||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries, wages benefits
|
—
|
|
|
451
|
|
|
3
|
|
|
103
|
|
|
—
|
|
|
557
|
|
||||||
General and administrative
|
—
|
|
|
440
|
|
|
10
|
|
|
102
|
|
|
—
|
|
|
552
|
|
||||||
Total expenses
|
—
|
|
|
891
|
|
|
13
|
|
|
205
|
|
|
—
|
|
|
1,109
|
|
||||||
Other income (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
—
|
|
|
396
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|
435
|
|
||||||
Interest expense
|
—
|
|
|
(515
|
)
|
|
—
|
|
|
(42
|
)
|
|
—
|
|
|
(557
|
)
|
||||||
Other income (expense)
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
9
|
|
|
—
|
|
|
4
|
|
||||||
Gain (loss) from subsidiaries
|
(11
|
)
|
|
40
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
||||||
Total other income (expenses), net
|
(11
|
)
|
|
(84
|
)
|
|
—
|
|
|
6
|
|
|
(29
|
)
|
|
(118
|
)
|
||||||
Income (loss) before income tax expense (benefit)
|
(11
|
)
|
|
(14
|
)
|
|
8
|
|
|
32
|
|
|
(29
|
)
|
|
(14
|
)
|
||||||
Less: Income tax expense
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||||
Net income (loss)
|
(11
|
)
|
|
(10
|
)
|
|
8
|
|
|
32
|
|
|
(29
|
)
|
|
(10
|
)
|
||||||
Less: Net income attributable to noncontrolling interests
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Net income (loss) attributable to Nationstar
|
$
|
(11
|
)
|
|
$
|
(11
|
)
|
|
$
|
8
|
|
|
$
|
32
|
|
|
$
|
(29
|
)
|
|
$
|
(11
|
)
|
NATIONSTAR MORTGAGE HOLDINGS INC.
CONSOLIDATING STATEMENT OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2017
|
|||||||||||||||||||||||
|
Nationstar
|
|
Issuer
(1)
|
|
Guarantor
(Subsidiaries of Issuer) |
|
Non-Guarantor
(Subsidiaries of Issuer) |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss) attributable to Nationstar
|
$
|
(11
|
)
|
|
$
|
(11
|
)
|
|
$
|
8
|
|
|
$
|
32
|
|
|
$
|
(29
|
)
|
|
$
|
(11
|
)
|
Reconciliation of net income (loss) to net cash attributable to operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Gain) loss from subsidiaries
|
11
|
|
|
(40
|
)
|
|
—
|
|
|
—
|
|
|
29
|
|
|
—
|
|
||||||
Net income attributable to non-controlling interest
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Net gain on mortgage loans held for sale
|
—
|
|
|
(464
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(465
|
)
|
||||||
Reverse mortgage loan interest income
|
—
|
|
|
(368
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(368
|
)
|
||||||
(Gain) loss on sale of assets
|
—
|
|
|
1
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(8
|
)
|
||||||
Provision for servicing reserves
|
—
|
|
|
113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
||||||
Fair value changes and amortization of mortgage servicing rights
|
—
|
|
|
361
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
361
|
|
||||||
Fair value changes in excess spread financing
|
—
|
|
|
2
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||||
Fair value change in mortgage servicing rights financing liability
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
||||||
Amortization of premiums and accretion of discount
|
—
|
|
|
55
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
63
|
|
||||||
Depreciation and amortization
|
—
|
|
|
33
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
44
|
|
||||||
Share-based compensation
|
—
|
|
|
9
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
13
|
|
||||||
Other losses
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||||
Repurchases of forward loans assets out of Ginnie Mae securitizations
|
—
|
|
|
(943
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(943
|
)
|
||||||
Repurchases of reverse loan assets out of Ginnie Mae securitizations, net of assignments to prior servicers
|
—
|
|
|
(2,468
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,468
|
)
|
||||||
Mortgage loans originated and purchased, net of fees, and other purchase-related activities
|
—
|
|
|
(14,002
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,002
|
)
|
||||||
Sales proceeds and loan payment proceeds for mortgage loans held for sale and held for investment
|
—
|
|
|
15,459
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
15,472
|
|
||||||
Excess tax benefit (deficiency) from share based compensation
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Advances and other receivables, net
|
—
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
||||||
Reverse mortgage interests, net
|
—
|
|
|
3,719
|
|
|
—
|
|
|
(225
|
)
|
|
—
|
|
|
3,494
|
|
||||||
Other assets
|
4
|
|
|
(99
|
)
|
|
(9
|
)
|
|
87
|
|
|
—
|
|
|
(17
|
)
|
||||||
Payables and accrued liabilities
|
—
|
|
|
(273
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(284
|
)
|
||||||
Net cash attributable to operating activities
|
4
|
|
|
1,137
|
|
|
(1
|
)
|
|
(93
|
)
|
|
—
|
|
|
1,047
|
|
NATIONSTAR MORTGAGE HOLDINGS INC.
CONSOLIDATING STATEMENT OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2017
(Continued)
|
|||||||||||||||||||||||
|
Nationstar
|
|
Issuer
(1)
|
|
Guarantor
(Subsidiaries of Issuer) |
|
Non-Guarantor
(Subsidiaries of Issuer) |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property and equipment additions, net of disposals
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(34
|
)
|
||||||
Purchase of forward mortgage servicing rights, net of liabilities incurred
|
—
|
|
|
(22
|
)
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
(28
|
)
|
||||||
Net proceeds from acquisition of reverse mortgage servicing portfolio and HECM related receivables
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||||
Proceeds on sale of forward and reverse mortgage servicing rights
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
||||||
Proceeds on sale of assets
|
—
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
||||||
Net cash attributable to investing activities
|
—
|
|
|
4
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(5
|
)
|
||||||
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Increase in warehouse facilities
|
—
|
|
|
351
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
351
|
|
||||||
Decrease in advance facilities
|
—
|
|
|
(93
|
)
|
|
—
|
|
|
(205
|
)
|
|
—
|
|
|
(298
|
)
|
||||||
Proceeds from HECM securitizations
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
707
|
|
|
—
|
|
|
701
|
|
||||||
Repayment of HECM securitizations
|
—
|
|
|
—
|
|
|
—
|
|
|
(484
|
)
|
|
—
|
|
|
(484
|
)
|
||||||
Proceeds from issuance of participating interest financing in reverse mortgage interests, net
|
—
|
|
|
437
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
437
|
|
||||||
Repayment of participating interest financing in reverse mortgage interests, net
|
—
|
|
|
(1,730
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,730
|
)
|
||||||
Repayment of excess spread financing
|
—
|
|
|
(168
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(168
|
)
|
||||||
Repayment of nonrecourse debt–legacy assets
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
||||||
Repurchase of unsecured senior notes
|
—
|
|
|
(122
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(122
|
)
|
||||||
Transfers (to) from restricted cash, net
|
—
|
|
|
(46
|
)
|
|
—
|
|
|
84
|
|
|
—
|
|
|
38
|
|
||||||
Surrender of shares relating to stock vesting
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||||
Debt financing costs
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
||||||
Dividends to noncontrolling interests
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||||
Net cash attributable to financing activities
|
(4
|
)
|
|
(1,393
|
)
|
|
—
|
|
|
90
|
|
|
—
|
|
|
(1,307
|
)
|
||||||
Net decrease in cash and cash equivalents
|
—
|
|
|
(252
|
)
|
|
(1
|
)
|
|
(12
|
)
|
|
—
|
|
|
(265
|
)
|
||||||
Cash and cash equivalents - beginning of period
|
—
|
|
|
453
|
|
|
2
|
|
|
34
|
|
|
—
|
|
|
489
|
|
||||||
Cash and cash equivalents - end of period
|
$
|
—
|
|
|
$
|
201
|
|
|
$
|
1
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
224
|
|
NATIONSTAR MORTGAGE HOLDINGS INC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2016
|
|||||||||||||||||||||||
|
Nationstar
|
|
Issuer
(1)
|
|
Guarantor
(Subsidiaries of Issuer)
|
|
Non-Guarantor
(Subsidiaries of Issuer)
|
|
Eliminations
|
|
Consolidated
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
453
|
|
|
$
|
2
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
489
|
|
Restricted cash
|
—
|
|
|
159
|
|
|
—
|
|
|
229
|
|
|
—
|
|
|
388
|
|
||||||
Mortgage servicing rights
|
—
|
|
|
3,142
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
3,166
|
|
||||||
Advances and other receivables, net
|
—
|
|
|
1,749
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,749
|
|
||||||
Reverse mortgage interests, net
|
—
|
|
|
10,316
|
|
|
—
|
|
|
717
|
|
|
—
|
|
|
11,033
|
|
||||||
Mortgage loans held for sale at fair value
|
—
|
|
|
1,787
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1,788
|
|
||||||
Mortgage loans held for investment, net
|
—
|
|
|
1
|
|
|
—
|
|
|
150
|
|
|
—
|
|
|
151
|
|
||||||
Property and equipment, net
|
—
|
|
|
113
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
136
|
|
||||||
Derivative financial instruments at fair value
|
—
|
|
|
133
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
133
|
|
||||||
Other assets
|
—
|
|
|
444
|
|
|
323
|
|
|
838
|
|
|
(1,045
|
)
|
|
560
|
|
||||||
Investment in subsidiaries
|
1,801
|
|
|
634
|
|
|
—
|
|
|
—
|
|
|
(2,435
|
)
|
|
—
|
|
||||||
Total assets
|
$
|
1,801
|
|
|
$
|
18,931
|
|
|
$
|
325
|
|
|
$
|
2,016
|
|
|
$
|
(3,480
|
)
|
|
$
|
19,593
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unsecured senior notes
|
$
|
—
|
|
|
$
|
1,990
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,990
|
|
Advance facilities, net
|
—
|
|
|
187
|
|
|
—
|
|
|
909
|
|
|
—
|
|
|
1,096
|
|
||||||
Warehouse facilities, net
|
—
|
|
|
2,421
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,421
|
|
||||||
Payables and accrued liabilities
|
—
|
|
|
1,420
|
|
|
2
|
|
|
48
|
|
|
—
|
|
|
1,470
|
|
||||||
MSR related liabilities - nonrecourse at fair value
|
—
|
|
|
1,219
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
1,241
|
|
||||||
Mortgage servicing liabilities
|
—
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48
|
|
||||||
Derivative financial instruments, at fair value
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
||||||
Other nonrecourse debt, net
|
—
|
|
|
8,907
|
|
|
—
|
|
|
724
|
|
|
—
|
|
|
9,631
|
|
||||||
Payables to affiliates
|
118
|
|
|
925
|
|
|
—
|
|
|
2
|
|
|
(1,045
|
)
|
|
—
|
|
||||||
Total liabilities
|
118
|
|
|
17,130
|
|
|
2
|
|
|
1,705
|
|
|
(1,045
|
)
|
|
17,910
|
|
||||||
Total stockholders' equity
|
1,683
|
|
|
1,801
|
|
|
323
|
|
|
311
|
|
|
(2,435
|
)
|
|
1,683
|
|
||||||
Total liabilities and stockholders' equity
|
$
|
1,801
|
|
|
$
|
18,931
|
|
|
$
|
325
|
|
|
$
|
2,016
|
|
|
$
|
(3,480
|
)
|
|
$
|
19,593
|
|
NATIONSTAR MORTGAGE HOLDINGS INC.
CONSOLIDATING STATEMENT OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 2016
|
|||||||||||||||||||||||
|
Nationstar
|
|
Issuer
(1)
|
|
Guarantor
(Subsidiaries of Issuer) |
|
Non-Guarantor
(Subsidiaries of Issuer) |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service related, net
|
$
|
—
|
|
|
$
|
196
|
|
|
$
|
5
|
|
|
$
|
109
|
|
|
$
|
—
|
|
|
$
|
310
|
|
Net gain on mortgage loans held for sale
|
—
|
|
|
222
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
232
|
|
||||||
Total revenues
|
—
|
|
|
418
|
|
|
5
|
|
|
119
|
|
|
—
|
|
|
542
|
|
||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries, wages and benefits
|
—
|
|
|
156
|
|
|
1
|
|
|
54
|
|
|
—
|
|
|
211
|
|
||||||
General and administrative
|
—
|
|
|
143
|
|
|
2
|
|
|
51
|
|
|
—
|
|
|
196
|
|
||||||
Total expenses
|
—
|
|
|
299
|
|
|
3
|
|
|
105
|
|
|
—
|
|
|
407
|
|
||||||
Other income (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
—
|
|
|
91
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
103
|
|
||||||
Interest expense
|
—
|
|
|
(146
|
)
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(165
|
)
|
||||||
Other expense
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||||
Gain (loss) from subsidiaries
|
45
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
(54
|
)
|
|
—
|
|
||||||
Total other income (expenses), net
|
45
|
|
|
(48
|
)
|
|
—
|
|
|
(7
|
)
|
|
(54
|
)
|
|
(64
|
)
|
||||||
Income (loss) before income tax expense (benefit)
|
45
|
|
|
71
|
|
|
2
|
|
|
7
|
|
|
(54
|
)
|
|
71
|
|
||||||
Less: Income tax (benefit)
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
||||||
Net income (loss)
|
45
|
|
|
42
|
|
|
2
|
|
|
7
|
|
|
(54
|
)
|
|
42
|
|
||||||
Less: Net loss attributable to noncontrolling interests
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||||
Net income (loss) attributable to Nationstar
|
$
|
45
|
|
|
$
|
45
|
|
|
$
|
2
|
|
|
$
|
7
|
|
|
$
|
(54
|
)
|
|
$
|
45
|
|
NATIONSTAR MORTGAGE HOLDINGS INC.
CONSOLIDATING STATEMENT OF OPERATIONS
NINE MONTHS ENDED SEPTEMBER 30, 2016
|
|||||||||||||||||||||||
|
Nationstar
|
|
Issuer
(1)
|
|
Guarantor
(Subsidiaries of Issuer) |
|
Non-Guarantor
(Subsidiaries of Issuer) |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service related, net
|
$
|
—
|
|
|
$
|
156
|
|
|
$
|
19
|
|
|
$
|
332
|
|
|
$
|
—
|
|
|
$
|
507
|
|
Net gain on mortgage loans held for sale
|
—
|
|
|
590
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
619
|
|
||||||
Total revenues
|
—
|
|
|
746
|
|
|
19
|
|
|
361
|
|
|
—
|
|
|
1,126
|
|
||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Salaries, wages benefits
|
—
|
|
|
448
|
|
|
3
|
|
|
162
|
|
|
—
|
|
|
613
|
|
||||||
General and administrative
|
—
|
|
|
453
|
|
|
6
|
|
|
160
|
|
|
—
|
|
|
619
|
|
||||||
Total expenses
|
—
|
|
|
901
|
|
|
9
|
|
|
322
|
|
|
—
|
|
|
1,232
|
|
||||||
Other income (expenses):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest income
|
—
|
|
|
276
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
313
|
|
||||||
Interest expense
|
—
|
|
|
(437
|
)
|
|
—
|
|
|
(56
|
)
|
|
—
|
|
|
(493
|
)
|
||||||
Other expense
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||||
Gain (loss) from subsidiaries
|
(179
|
)
|
|
30
|
|
|
—
|
|
|
—
|
|
|
149
|
|
|
—
|
|
||||||
Total other income (expenses), net
|
(179
|
)
|
|
(133
|
)
|
|
—
|
|
|
(19
|
)
|
|
149
|
|
|
(182
|
)
|
||||||
Income (loss) before income tax expense (benefit)
|
(179
|
)
|
|
(288
|
)
|
|
10
|
|
|
20
|
|
|
149
|
|
|
(288
|
)
|
||||||
Less: Income tax expense
|
—
|
|
|
(106
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(106
|
)
|
||||||
Net income (loss)
|
(179
|
)
|
|
(182
|
)
|
|
10
|
|
|
20
|
|
|
149
|
|
|
(182
|
)
|
||||||
Less: Net loss attributable to noncontrolling interests
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||||
Net income (loss) attributable to Nationstar
|
$
|
(179
|
)
|
|
$
|
(179
|
)
|
|
$
|
10
|
|
|
$
|
20
|
|
|
$
|
149
|
|
|
$
|
(179
|
)
|
NATIONSTAR MORTGAGE HOLDINGS INC.
CONSOLIDATING STATEMENT OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2016
|
||||||||||||||||||||||||
|
|
Nationstar
|
|
Issuer
(1)
|
|
Guarantor
(Subsidiaries of Issuer) |
|
Non-Guarantor
(Subsidiaries of Issuer) |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income (loss) attributable to Nationstar
|
|
$
|
(179
|
)
|
|
$
|
(179
|
)
|
|
$
|
10
|
|
|
$
|
20
|
|
|
$
|
149
|
|
|
$
|
(179
|
)
|
Reconciliation of net income (loss) to net cash attributable to operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Gain)/loss from subsidiaries
|
|
179
|
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
(149
|
)
|
|
—
|
|
||||||
Net loss attributable to non-controlling interest
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||||
Net gain on mortgage loans held for sale
|
|
—
|
|
|
(590
|
)
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
(619
|
)
|
||||||
Reverse mortgage loan interest income
|
|
—
|
|
|
(251
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(251
|
)
|
||||||
Loss on sale of assets
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
Provision for servicing reserves
|
|
—
|
|
|
101
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
101
|
|
||||||
Fair value changes and amortization of mortgage servicing rights
|
|
—
|
|
|
778
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
778
|
|
||||||
Fair value changes in excess spread financing
|
|
—
|
|
|
(74
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(74
|
)
|
||||||
Fair value changes in mortgage servicing rights financing liability
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||||
Amortization of premiums and accretion of discount
|
|
—
|
|
|
(7,254
|
)
|
|
—
|
|
|
7,302
|
|
|
—
|
|
|
48
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
32
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
48
|
|
||||||
Share-based compensation
|
|
—
|
|
|
13
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
18
|
|
||||||
Repurchases of forward loans assets out of Ginnie Mae securitizations
|
|
—
|
|
|
(1,138
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,138
|
)
|
||||||
Repurchases of reverse loans assets out of Ginnie Mae securitizations, net of assignments to prior servicers
|
|
—
|
|
|
(1,609
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,609
|
)
|
||||||
Mortgage loans originated and purchased, net of fees, and other purchase-related activities
|
|
—
|
|
|
(14,296
|
)
|
|
—
|
|
|
(767
|
)
|
|
—
|
|
|
(15,063
|
)
|
||||||
Sale proceeds and loan payment proceeds for mortgage loans held for sale and held for investment
|
|
—
|
|
|
22,684
|
|
|
—
|
|
|
(6,416
|
)
|
|
—
|
|
|
16,268
|
|
||||||
Excess tax benefit from share based compensation
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Advances and other receivables, net
|
|
—
|
|
|
504
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
504
|
|
||||||
Reverse mortgage interests, net
|
|
—
|
|
|
2,137
|
|
|
—
|
|
|
(115
|
)
|
|
—
|
|
|
2,022
|
|
||||||
Other assets
|
|
117
|
|
|
(682
|
)
|
|
(10
|
)
|
|
439
|
|
|
—
|
|
|
(136
|
)
|
||||||
Payables and accrued liabilities
|
|
—
|
|
|
(135
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(139
|
)
|
||||||
Net cash attributable to operating activities
|
|
117
|
|
|
12
|
|
|
—
|
|
|
451
|
|
|
—
|
|
|
580
|
|
NATIONSTAR MORTGAGE HOLDINGS INC.
CONSOLIDATING STATEMENT OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2016
(Continued)
|
||||||||||||||||||||||||
|
|
Nationstar
|
|
Issuer(1)
|
|
Guarantor
(Subsidiaries of Issuer) |
|
Non-Guarantor
(Subsidiaries of Issuer) |
|
Eliminations
|
|
Consolidated
|
||||||||||||
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property and equipment additions, net of disposals
|
|
—
|
|
|
(40
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(49
|
)
|
||||||
Purchase of forward mortgage servicing rights, net of liabilities incurred
|
|
—
|
|
|
(36
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
||||||
Proceeds on sale of forward and reverse mortgage servicing rights
|
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
||||||
Net cash attributable to investing activities
|
|
—
|
|
|
(51
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(60
|
)
|
||||||
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Increase in warehouse facilities
|
|
—
|
|
|
774
|
|
|
—
|
|
|
(56
|
)
|
|
—
|
|
|
718
|
|
||||||
Decrease in advance facilities
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
(429
|
)
|
|
—
|
|
|
(458
|
)
|
||||||
Proceeds from issuance of HECM securitizations
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
728
|
|
|
—
|
|
|
724
|
|
||||||
Repayment of HECM securitizations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(624
|
)
|
|
—
|
|
|
(624
|
)
|
||||||
Proceeds from issuance of participating interest financing in reverse mortgage interests, net
|
|
—
|
|
|
337
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
337
|
|
||||||
Repayment of participating interest financing in reverse mortgage interests, net
|
|
—
|
|
|
(817
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(817
|
)
|
||||||
Repayment of excess spread financing
|
|
—
|
|
|
(146
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(146
|
)
|
||||||
Repayment of nonrecourse debt - legacy assets
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
(12
|
)
|
||||||
Repurchase of unsecured senior notes
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
||||||
Repurchase of common stock
|
|
(114
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(114
|
)
|
||||||
Transfers to restricted cash, net
|
|
—
|
|
|
33
|
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
||||||
Excess tax deficiency from share based compensation
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||||
Surrender of shares relating to stock vesting
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||||
Debt financing costs
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
||||||
Net cash attributable to financing activities
|
|
(117
|
)
|
|
106
|
|
|
—
|
|
|
(427
|
)
|
|
—
|
|
|
(438
|
)
|
||||||
Net increase in cash and cash equivalents
|
|
—
|
|
|
67
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
82
|
|
||||||
Cash and cash equivalents - beginning of period
|
|
—
|
|
|
597
|
|
|
1
|
|
|
15
|
|
|
—
|
|
|
613
|
|
||||||
Cash and cash equivalents - end of period
|
|
$
|
—
|
|
|
$
|
664
|
|
|
$
|
1
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
695
|
|
•
|
our ability to maintain or grow the size of our servicing portfolio;
|
•
|
our ability to refinance existing loans, and maintain our originations volume;
|
•
|
our ability to recapture voluntary prepayments related to our existing servicing portfolio;
|
•
|
our shift in the mix of our servicing portfolio to subservicing;
|
•
|
delays in our ability to collect or be reimbursed for servicing advances;
|
•
|
our ability to obtain sufficient capital to operate our business;
|
•
|
changes in prevailing interest rates;
|
•
|
our ability to finance and recover costs of our reverse servicing operations;
|
•
|
changes in our business relationships or changes in servicing guidelines with Fannie Mae, Freddie Mac and Ginnie Mae;
|
•
|
Xome's ability to compete in highly competitive markets;
|
•
|
increased legal and regulatory examinations and enforcement investigations and proceedings, compliance requirements and related costs; and
|
•
|
loss of our licenses.
|
•
|
Boarded over
$58,000
UPB including
$51,000
UPB of subservicing
|
•
|
Achieved 5.0 basis points of adjusted Servicing profitability (5.0 basis points average for the
nine months ended September 30, 2017
)
|
•
|
Provided over
12,550
solutions to our mortgage servicing customers, reflecting our continued commitment to foster and preserve homeownership
|
•
|
Improved delinquency rate, measured as loans that are 60 or more days behind in payment, to
3.2%
, the lowest rate in our history
|
•
|
Funded
22,980
loans totaling
$5,102
, which included
$3,006
related to retaining customers from our servicing portfolio
|
•
|
Refinance recapture rate remained strong at
52%
|
•
|
Sold
2,772
properties and completed
99,407
Xome service orders
|
•
|
Repurchased
$26
unsecured senior notes during the quarter
|
Table 1. Consolidated Operations
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues - operational
|
$
|
454
|
|
|
$
|
551
|
|
|
$
|
1,389
|
|
|
$
|
1,628
|
|
Revenues - MTM
|
(48
|
)
|
|
(9
|
)
|
|
(176
|
)
|
|
(502
|
)
|
||||
Total revenues
|
406
|
|
|
542
|
|
|
1,213
|
|
|
1,126
|
|
||||
Expenses
|
368
|
|
|
407
|
|
|
1,109
|
|
|
1,232
|
|
||||
Other income (expenses), net
|
(26
|
)
|
|
(64
|
)
|
|
(118
|
)
|
|
(182
|
)
|
||||
Income (loss) before income tax
|
12
|
|
|
71
|
|
|
(14
|
)
|
|
(288
|
)
|
||||
Less: Income tax expense (benefit)
|
5
|
|
|
29
|
|
|
(4
|
)
|
|
(106
|
)
|
||||
Net income (loss)
|
7
|
|
|
42
|
|
|
(10
|
)
|
|
(182
|
)
|
||||
Less: Income (loss) attributable to noncontrolling interests
|
—
|
|
|
(3
|
)
|
|
1
|
|
|
(3
|
)
|
||||
Net income (loss) attributable to Nationstar
|
$
|
7
|
|
|
$
|
45
|
|
|
$
|
(11
|
)
|
|
$
|
(179
|
)
|
Effective tax rate
|
37.1
|
%
|
|
40.6
|
%
|
|
29.1
|
%
|
|
36.8
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income tax by operating and non-operating segments:
|
|
|
|
|
|
|
|
||||||||
Servicing
|
$
|
15
|
|
|
$
|
35
|
|
|
$
|
(1
|
)
|
|
$
|
(323
|
)
|
Originations
|
45
|
|
|
83
|
|
|
123
|
|
|
182
|
|
||||
Xome
|
11
|
|
|
20
|
|
|
41
|
|
|
53
|
|
||||
Corporate and other
|
(59
|
)
|
|
(67
|
)
|
|
(177
|
)
|
|
(200
|
)
|
||||
Consolidated loss before income tax
|
$
|
12
|
|
|
$
|
71
|
|
|
$
|
(14
|
)
|
|
$
|
(288
|
)
|
Table 2. Servicing Operations
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Operational
|
$
|
299
|
|
|
$
|
312
|
|
|
$
|
900
|
|
|
$
|
962
|
|
Amortization
|
(60
|
)
|
|
(92
|
)
|
|
(187
|
)
|
|
(235
|
)
|
||||
Mark-to-market adjustments
|
(48
|
)
|
|
(9
|
)
|
|
(176
|
)
|
|
(502
|
)
|
||||
Total revenues
|
191
|
|
|
211
|
|
|
537
|
|
|
225
|
|
||||
Expenses
|
185
|
|
|
150
|
|
|
518
|
|
|
477
|
|
||||
Total other income (expenses), net
|
9
|
|
|
(26
|
)
|
|
(20
|
)
|
|
(71
|
)
|
||||
Income (loss) before income taxes
|
$
|
15
|
|
|
$
|
35
|
|
|
$
|
(1
|
)
|
|
$
|
(323
|
)
|
Table 3. Forward Servicing and Subservicing Portfolio UPB Rollforward
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance - beginning of period
|
$
|
461,873
|
|
|
$
|
341,299
|
|
|
$
|
434,295
|
|
|
$
|
367,800
|
|
Additions:
|
|
|
|
|
|
|
|
||||||||
Originations
|
5,019
|
|
|
5,610
|
|
|
14,173
|
|
|
15,015
|
|
||||
Acquisitions
|
52,780
|
|
|
101,024
|
|
|
113,606
|
|
|
101,866
|
|
||||
Deductions:
|
|
|
|
|
|
|
|
||||||||
Dispositions
|
(910
|
)
|
|
(81
|
)
|
|
(3,015
|
)
|
|
(1,517
|
)
|
||||
Principal reductions and other
|
(4,957
|
)
|
|
(4,361
|
)
|
|
(12,931
|
)
|
|
(10,394
|
)
|
||||
Voluntary reductions
(1)
|
(15,659
|
)
|
|
(14,778
|
)
|
|
(43,589
|
)
|
|
(38,743
|
)
|
||||
Involuntary reductions
(2)
|
(1,606
|
)
|
|
(2,153
|
)
|
|
(5,699
|
)
|
|
(7,470
|
)
|
||||
Net changes in loans serviced by others
|
(111
|
)
|
|
(45
|
)
|
|
(411
|
)
|
|
(42
|
)
|
||||
Balance - end of period
|
$
|
496,429
|
|
|
$
|
426,515
|
|
|
$
|
496,429
|
|
|
$
|
426,515
|
|
Table 4. Servicing - Revenues
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
Amounts
|
|
bps
(1)
|
|
Amounts
|
|
bps
(1)
|
|
Amounts
|
|
bps
(1)
|
|
Amounts
|
|
bps
(1)
|
||||||||
Forward MSR Operational Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Base servicing fees
|
$
|
223
|
|
|
17
|
|
$
|
242
|
|
|
25
|
|
$
|
687
|
|
|
19
|
|
$
|
760
|
|
|
26
|
Modification fees
(2)
|
7
|
|
|
1
|
|
28
|
|
|
3
|
|
35
|
|
|
1
|
|
57
|
|
|
2
|
||||
Incentive fees
(2)
|
11
|
|
|
1
|
|
7
|
|
|
1
|
|
24
|
|
|
1
|
|
21
|
|
|
1
|
||||
Late payment fees
(2)
|
19
|
|
|
1
|
|
20
|
|
|
2
|
|
63
|
|
|
2
|
|
57
|
|
|
2
|
||||
Other ancillary revenues
(2)
|
38
|
|
|
3
|
|
54
|
|
|
6
|
|
120
|
|
|
3
|
|
184
|
|
|
6
|
||||
Other revenues
|
4
|
|
|
—
|
|
9
|
|
|
1
|
|
16
|
|
|
—
|
|
27
|
|
|
1
|
||||
Total forward MSR operational revenue
|
302
|
|
|
23
|
|
360
|
|
|
38
|
|
945
|
|
|
26
|
|
1,106
|
|
|
38
|
||||
Base subservicing fees and other subservicing revenue
(2)
|
34
|
|
|
3
|
|
16
|
|
|
2
|
|
86
|
|
|
2
|
|
33
|
|
|
1
|
||||
Reverse servicing fees
|
16
|
|
|
1
|
|
11
|
|
|
1
|
|
43
|
|
|
1
|
|
46
|
|
|
1
|
||||
Total servicing fee revenue
|
352
|
|
|
27
|
|
387
|
|
|
41
|
|
1,074
|
|
|
29
|
|
1,185
|
|
|
40
|
||||
Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Forward MSR amortization
|
(100
|
)
|
|
(8)
|
|
(137
|
)
|
|
(14)
|
|
(307
|
)
|
|
(8)
|
|
(383
|
)
|
|
(13)
|
||||
Excess spread accretion
|
41
|
|
|
3
|
|
46
|
|
|
5
|
|
123
|
|
|
3
|
|
149
|
|
|
5
|
||||
Reverse MSR amortization
|
(1
|
)
|
|
—
|
|
(1
|
)
|
|
—
|
|
(3
|
)
|
|
—
|
|
(1
|
)
|
|
—
|
||||
Total amortization
|
(60
|
)
|
|
(5)
|
|
(92
|
)
|
|
(9)
|
|
(187
|
)
|
|
(5)
|
|
(235
|
)
|
|
(8)
|
||||
MSR financing liability costs
|
(17
|
)
|
|
(1)
|
|
(24
|
)
|
|
(2)
|
|
(56
|
)
|
|
(2)
|
|
(77
|
)
|
|
(3)
|
||||
Excess spread costs - principal
|
(36
|
)
|
|
(3)
|
|
(51
|
)
|
|
(5)
|
|
(118
|
)
|
|
(3)
|
|
(146
|
)
|
|
(5)
|
||||
Total operational revenue
|
239
|
|
|
18
|
|
220
|
|
|
25
|
|
713
|
|
|
19
|
|
727
|
|
|
24
|
||||
Mark-to-Market Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
MSR MTM
(3)
|
(56
|
)
|
|
(4)
|
|
(59
|
)
|
|
(6)
|
|
(182
|
)
|
|
(5)
|
|
(579
|
)
|
|
(20)
|
||||
Excess spread / financing MTM
|
8
|
|
|
1
|
|
50
|
|
|
5
|
|
6
|
|
|
—
|
|
77
|
|
|
3
|
||||
Total MTM adjustments
|
(48
|
)
|
|
(3)
|
|
(9
|
)
|
|
(1)
|
|
(176
|
)
|
|
(5)
|
|
(502
|
)
|
|
(17)
|
||||
Total revenues - Servicing
|
$
|
191
|
|
|
15
|
|
$
|
211
|
|
|
24
|
|
$
|
537
|
|
|
14
|
|
$
|
225
|
|
|
7
|
Table 5. Servicing Portfolio - Unpaid Principal Balances
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Average UPB:
|
|
|
|
|
|
|
|
||||||||
Forward MSRs - fair value
|
$
|
293,310
|
|
|
$
|
317,603
|
|
|
$
|
302,112
|
|
|
$
|
328,028
|
|
Subservicing and other
(1)
|
191,655
|
|
|
44,685
|
|
|
155,839
|
|
|
30,056
|
|
||||
Reverse MSRs - amortized costs
|
36,004
|
|
|
27,338
|
|
|
37,094
|
|
|
28,426
|
|
||||
Total average UPB
|
$
|
520,969
|
|
|
$
|
389,626
|
|
|
$
|
495,045
|
|
|
$
|
386,510
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
September 30,
|
||||||||||
|
|
|
|
|
2017
|
|
2016
|
||||||||
Ending UPB:
|
|
|
|
|
|
|
|
||||||||
Forward MSRs
|
|
|
|
|
|
|
|
||||||||
Agency
|
|
|
|
|
$
|
210,957
|
|
|
$
|
225,920
|
|
||||
Non-agency
|
|
|
|
|
77,493
|
|
|
87,187
|
|
||||||
Total MSRs
|
|
|
|
|
288,450
|
|
|
313,107
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
Subservicing and other
(1)
|
|
|
|
|
|
|
|
||||||||
Agency
|
|
|
|
|
200,001
|
|
|
105,040
|
|
||||||
Non-agency
|
|
|
|
|
7,978
|
|
|
8,368
|
|
||||||
Total subservicing and other
|
|
|
|
|
207,979
|
|
|
113,408
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
Reverse loans
|
|
|
|
|
|
|
|
||||||||
MSR
|
|
|
|
|
9,666
|
|
|
10,553
|
|
||||||
MSL
|
|
|
|
|
16,383
|
|
|
9,002
|
|
||||||
Securitized loans
|
|
|
|
|
10,363
|
|
|
7,300
|
|
||||||
Total reverse portfolio serviced
|
|
|
|
|
36,412
|
|
|
26,855
|
|
||||||
Total ending UPB
|
|
|
|
|
$
|
532,841
|
|
|
$
|
453,370
|
|
Table 6. Forward Loan Modifications and Workout Units
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Modifications and workout units:
|
|
|
|
|
|
|
|
||||
Home Affordable Modification Program ("HAMP") modifications
|
515
|
|
|
3,547
|
|
|
7,090
|
|
|
11,237
|
|
Non-HAMP modifications
|
5,916
|
|
|
5,339
|
|
|
17,236
|
|
|
18,396
|
|
Workouts
(1)
|
6,119
|
|
|
7,227
|
|
|
20,998
|
|
|
16,107
|
|
Total modification and workout units
|
12,550
|
|
|
16,113
|
|
|
45,324
|
|
|
45,740
|
|
Table 7. Key Performance Metrics - Forward Servicing and Subservicing Portfolio
(1)
|
September 30,
|
||||||
|
2017
|
|
2016
|
||||
Average loan count
|
3,042,795
|
|
|
2,568,039
|
|
||
Average loan amount
(2)
|
$
|
163,214
|
|
|
$
|
166,276
|
|
Average coupon - credit sensitive
(3)
|
4.7
|
%
|
|
4.7
|
%
|
||
Average coupon - interest sensitive
(3)
|
4.2
|
%
|
|
4.1
|
%
|
||
60+ delinquent (% of loans)
(4)
|
3.2
|
%
|
|
4.7
|
%
|
||
90+ delinquent (% of loans)
(4)
|
2.8
|
%
|
|
4.3
|
%
|
||
120+ delinquent (% of loans)
(4)
|
2.6
|
%
|
|
4.0
|
%
|
||
Total prepayment speed (12 month constant pre-payment rate)
|
13.8
|
%
|
|
18.4
|
%
|
Table 8. Servicer Ratings
|
Fitch
|
|
Moody's
|
|
S&P
|
|
|
|
|
|
|
Rating date
|
August 2017
|
|
May 2017
|
|
October 2016
|
|
|
|
|
|
|
Residential
|
RPS2-
|
|
Not Rated
|
|
Above Average
|
Master Servicer
|
RMS2+
|
|
SQ2-
|
|
Above Average
|
Special Servicer
|
RSS2-
|
|
Not Rated
|
|
Above Average
|
Subprime Servicer
|
RPS2-
|
|
Not Rated
|
|
Above Average
|
|
|
|
|
|
|
Fitch Rating Scale of 1 (Highest Performance) to 5 (Low/No Proficiency)
|
|||||
Moody's Rating Scale of 1 (Strong Ability/Stability) to 5 (Weak Ability/Stability)
|
Table 9. Servicing - Expenses
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||
|
2017
|
|
2016
(1)
|
|
2017
|
|
2016
(1)
|
||||||||||||||||
|
Amounts
|
|
bps
|
|
Amounts
|
|
bps
|
|
Amounts
|
|
bps
|
|
Amounts
|
|
bps
|
||||||||
Salaries, wages and benefits
|
$
|
76
|
|
|
6
|
|
$
|
64
|
|
|
7
|
|
$
|
218
|
|
|
6
|
|
$
|
198
|
|
|
7
|
General and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Servicing support fees
|
32
|
|
|
2
|
|
33
|
|
|
3
|
|
108
|
|
|
3
|
|
109
|
|
|
4
|
||||
Corporate and other general and administrative expenses
|
27
|
|
|
2
|
|
35
|
|
|
4
|
|
93
|
|
|
3
|
|
100
|
|
|
3
|
||||
Foreclosure and other liquidation related expenses
|
44
|
|
|
3
|
|
12
|
|
|
1
|
|
83
|
|
|
2
|
|
53
|
|
|
2
|
||||
Depreciation and amortization
|
6
|
|
|
—
|
|
6
|
|
|
1
|
|
16
|
|
|
—
|
|
17
|
|
|
1
|
||||
Total general and administrative expenses
|
109
|
|
|
7
|
|
86
|
|
|
9
|
|
300
|
|
|
8
|
|
279
|
|
|
10
|
||||
Total expenses - Servicing
|
$
|
185
|
|
|
13
|
|
$
|
150
|
|
|
16
|
|
$
|
518
|
|
|
14
|
|
$
|
477
|
|
|
17
|
Table 10. Servicing - Other Income (Expenses), Net
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||
|
Amounts
|
|
bps
|
|
Amounts
|
|
bps
|
|
Amounts
|
|
bps
|
|
Amounts
|
|
bps
|
||||||||||
Reverse mortgage interest income
|
$
|
135
|
|
|
10
|
|
$
|
81
|
|
|
8
|
|
$
|
368
|
|
|
10
|
|
|
$
|
251
|
|
|
9
|
|
Other interest income
|
6
|
|
|
—
|
|
1
|
|
|
—
|
|
16
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Interest income
|
141
|
|
|
10
|
|
82
|
|
|
8
|
|
384
|
|
|
10
|
|
|
254
|
|
|
9
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reverse mortgage interest expense
|
(95
|
)
|
|
(7)
|
|
(64
|
)
|
|
(7)
|
|
(288
|
)
|
|
(8
|
)
|
|
(196
|
)
|
|
(7
|
)
|
||||
Advance interest expense
|
(8
|
)
|
|
(1)
|
|
(13
|
)
|
|
(1)
|
|
(26
|
)
|
|
(1
|
)
|
|
(42
|
)
|
|
(1
|
)
|
||||
Other interest expense
|
(27
|
)
|
|
(2)
|
|
(31
|
)
|
|
(3)
|
|
(88
|
)
|
|
(2
|
)
|
|
(87
|
)
|
|
(3
|
)
|
||||
Interest expense
|
(130
|
)
|
|
(10)
|
|
(108
|
)
|
|
(11)
|
|
(402
|
)
|
|
(11
|
)
|
|
(325
|
)
|
|
(11
|
)
|
||||
Other expense
|
(2
|
)
|
|
—
|
|
—
|
|
|
—
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total other income (expenses) - Servicing
|
$
|
9
|
|
|
—
|
|
$
|
(26
|
)
|
|
(3)
|
|
$
|
(20
|
)
|
|
(1
|
)
|
|
$
|
(71
|
)
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted average cost - advance facilities
|
3.1
|
%
|
|
|
|
2.9
|
%
|
|
|
|
3.1
|
%
|
|
|
|
2.8
|
%
|
|
|
||||||
Weighted average cost - excess spread financing
|
8.9
|
%
|
|
|
|
9.0
|
%
|
|
|
|
8.9
|
%
|
|
|
|
9.0
|
%
|
|
|
Table 11. Serviced Portfolios and Related Liabilities
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||||
|
UPB
|
|
Carrying Amount
|
|
Weighted Avg. Coupon
|
|
UPB
|
|
Carrying Amount
|
|
Weighted Avg. Coupon
|
||||||||||
Forward MSRs
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency
|
$
|
210,957
|
|
|
$
|
2,250
|
|
|
4.5
|
%
|
|
$
|
227,062
|
|
|
$
|
2,394
|
|
|
4.4
|
%
|
Non-agency
|
77,493
|
|
|
706
|
|
|
4.6
|
%
|
|
85,014
|
|
|
766
|
|
|
4.5
|
%
|
||||
Total MSRs - fair value
|
288,450
|
|
|
2,956
|
|
|
4.5
|
%
|
|
312,076
|
|
|
3,160
|
|
|
4.5
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Subservicing and other
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency
|
200,001
|
|
|
N/A
|
|
|
N/A
|
|
|
110,848
|
|
|
N/A
|
|
|
N/A
|
|
||||
Non-agency
|
7,978
|
|
|
N/A
|
|
|
N/A
|
|
|
11,371
|
|
|
N/A
|
|
|
N/A
|
|
||||
Total subservicing and other
|
207,979
|
|
|
N/A
|
|
|
N/A
|
|
|
122,219
|
|
|
N/A
|
|
|
N/A
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Reverse portfolio - amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
MSR
|
9,666
|
|
|
5
|
|
|
N/A
|
|
|
10,351
|
|
|
6
|
|
|
N/A
|
|
||||
MSL
|
16,383
|
|
|
(53
|
)
|
|
N/A
|
|
|
17,574
|
|
|
(48
|
)
|
|
N/A
|
|
||||
Securitized loans
|
10,363
|
|
|
10,299
|
|
|
N/A
|
|
|
11,015
|
|
|
11,033
|
|
|
N/A
|
|
||||
Total reverse portfolio serviced
|
36,412
|
|
|
10,251
|
|
|
N/A
|
|
|
38,940
|
|
|
10,991
|
|
|
N/A
|
|
||||
Total servicing portfolio unpaid principal balance
|
$
|
532,841
|
|
|
$
|
13,207
|
|
|
N/A
|
|
|
$
|
473,235
|
|
|
$
|
14,151
|
|
|
N/A
|
|
Table 12. Fair Value MSR Valuation
|
September 30, 2017
|
|
December 31, 2016
|
||||||||||||||||
|
UPB
|
|
Carrying Amount
|
|
bps
|
|
UPB
|
|
Carrying Amount
|
|
bps
|
||||||||
MSRs - Fair Value
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit sensitive
|
$
|
174,318
|
|
|
$
|
1,640
|
|
|
94
|
|
$
|
198,935
|
|
|
$
|
1,818
|
|
|
91
|
Interest sensitive - agency
|
114,132
|
|
|
1,316
|
|
|
115
|
|
113,141
|
|
|
1,342
|
|
|
119
|
||||
Total MSRs - fair value
|
$
|
288,450
|
|
|
$
|
2,956
|
|
|
102
|
|
$
|
312,076
|
|
|
$
|
3,160
|
|
|
101
|
Table 13. MSRs - Fair Value, Roll Forward
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Fair value - beginning of period
|
$
|
3,046
|
|
|
$
|
2,794
|
|
|
$
|
3,160
|
|
|
$
|
3,358
|
|
Additions:
|
|
|
|
|
|
|
|
||||||||
Servicing retained from mortgage loans sold
|
48
|
|
|
54
|
|
|
151
|
|
|
142
|
|
||||
Purchases of servicing rights
|
17
|
|
|
41
|
|
|
30
|
|
|
39
|
|
||||
Dispositions:
|
|
|
|
|
|
|
|
||||||||
Sales of servicing rights
|
(26
|
)
|
|
(11
|
)
|
|
(24
|
)
|
|
(24
|
)
|
||||
Changes in fair value:
|
|
|
|
|
|
|
|
||||||||
Due to changes in valuation inputs or assumptions used in the valuation model:
|
|
|
|
|
|
|
|
||||||||
Credit sensitive
|
(12
|
)
|
|
(33
|
)
|
|
(21
|
)
|
|
(190
|
)
|
||||
Interest sensitive
|
(27
|
)
|
|
1
|
|
|
(92
|
)
|
|
(304
|
)
|
||||
Other changes in fair value:
|
|
|
|
|
|
|
|
||||||||
Scheduled principal payments
|
(20
|
)
|
|
(20
|
)
|
|
(62
|
)
|
|
(61
|
)
|
||||
Disposition of negative MSRs and other
(1)
|
11
|
|
|
15
|
|
|
59
|
|
|
87
|
|
||||
Prepayments
|
|
|
|
|
|
|
|
||||||||
Voluntary prepayments
|
|
|
|
|
|
|
|
||||||||
Credit sensitive
|
(42
|
)
|
|
(54
|
)
|
|
(131
|
)
|
|
(156
|
)
|
||||
Interest sensitive
|
(29
|
)
|
|
(47
|
)
|
|
(79
|
)
|
|
(115
|
)
|
||||
Involuntary prepayments
|
|
|
|
|
|
|
|
||||||||
Credit sensitive
|
(6
|
)
|
|
(8
|
)
|
|
(22
|
)
|
|
(30
|
)
|
||||
Interest sensitive
|
(4
|
)
|
|
(7
|
)
|
|
(13
|
)
|
|
(21
|
)
|
||||
Fair value - end of period
|
$
|
2,956
|
|
|
$
|
2,725
|
|
|
$
|
2,956
|
|
|
$
|
2,725
|
|
Table 14. MSRs - Fair Value
|
September 30,
|
||||
|
2017
|
|
2016
|
||
Credit Sensitive MSRs
|
|
|
|
||
Discount rate
|
11.4
|
%
|
|
11.6
|
%
|
Weighted average prepayment speeds
|
15.4
|
%
|
|
17.4
|
%
|
Weighted average life of loans
|
5.6 years
|
|
|
5.5 years
|
|
|
|
|
|
||
Interest Sensitive MSRs
|
|
|
|
||
Discount rate
|
9.2
|
%
|
|
9.2
|
%
|
Weighted average prepayment speeds
|
11.3
|
%
|
|
16.1
|
%
|
Weighted average life of loans
|
6.5 years
|
|
|
5.0 years
|
|
Table 15. Excess Spread Financing
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Fair value - beginning of period
|
$
|
1,121
|
|
|
$
|
1,095
|
|
|
$
|
1,214
|
|
|
$
|
1,232
|
|
Additions:
|
|
|
|
|
|
|
|
||||||||
New financings
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Deductions:
|
|
|
|
|
|
|
|
||||||||
Repayments of debt
(1)
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
||||
Settlements of principal balances
|
(51
|
)
|
|
(51
|
)
|
|
(159
|
)
|
|
(146
|
)
|
||||
Fair value changes:
|
|
|
|
|
|
|
|
||||||||
Credit Sensitive
|
(12
|
)
|
|
(31
|
)
|
|
5
|
|
|
(44
|
)
|
||||
Interest Sensitive
|
(3
|
)
|
|
(1
|
)
|
|
(5
|
)
|
|
(30
|
)
|
||||
Fair value - end of period
|
$
|
1,046
|
|
|
$
|
1,012
|
|
|
$
|
1,046
|
|
|
$
|
1,012
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
September 30,
|
||||||||||
Assumptions
|
|
|
|
|
2017
|
|
2016
|
||||||||
Weighted average prepayment speeds
|
|
|
|
|
13.9
|
%
|
|
12.5
|
%
|
||||||
Weighted average life of loans
|
|
|
|
|
5.9 years
|
|
|
5.4 years
|
|
||||||
Discount rate
|
|
|
|
|
10.8
|
%
|
|
11.0
|
%
|
||||||
|
|
|
|
|
|
|
|
||||||||
Credit Sensitive
|
|
|
|
|
|
|
|
||||||||
Mortgage prepayment speeds
|
|
|
|
|
14.4
|
%
|
|
12.0
|
%
|
||||||
Average life of mortgage loans
|
|
|
|
|
5.8 years
|
|
|
5.5 years
|
|
||||||
Discount rate
|
|
|
|
|
11.1
|
%
|
|
11.4
|
%
|
||||||
|
|
|
|
|
|
|
|
||||||||
Interest Sensitive
|
|
|
|
|
|
|
|
||||||||
Mortgage prepayment speeds
|
|
|
|
|
11.6
|
%
|
|
15.0
|
%
|
||||||
Average life of mortgage loans
|
|
|
|
|
6.1 years
|
|
|
5.1 years
|
|
||||||
Discount rate
|
|
|
|
|
8.9
|
%
|
|
8.9
|
%
|
Table 16. MSRs Financing Liability - Rollforward
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Fair value - beginning of period
|
$
|
13
|
|
|
$
|
80
|
|
|
$
|
27
|
|
|
$
|
69
|
|
Mark-to-Market Adjustments
(1)
|
|
|
|
|
|
|
|
||||||||
Changes in valuation inputs or assumptions used in the valuation model
|
6
|
|
|
(7
|
)
|
|
(9
|
)
|
|
10
|
|
||||
Other changes in fair value
|
1
|
|
|
(6
|
)
|
|
2
|
|
|
(12
|
)
|
||||
Fair value - end of period
|
$
|
20
|
|
|
$
|
67
|
|
|
$
|
20
|
|
|
$
|
67
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
September 30,
|
||||||||||
|
|
|
|
|
2017
|
|
2016
|
||||||||
Weighted Average Assumptions
|
|
|
|
|
|
|
|
||||||||
Advance financing rates
|
|
|
|
|
3.5
|
%
|
|
3.3
|
%
|
||||||
Annual advance recovery rates
|
|
|
|
|
23.3
|
%
|
|
24.2
|
%
|
Table 17. Leveraged Portfolio Characteristics
|
September 30,
|
||||||
|
2017
|
|
2016
|
||||
Owned forward servicing portfolio - unencumbered
|
$
|
80,920
|
|
|
$
|
100,418
|
|
Owned forward servicing portfolio - encumbered
|
207,530
|
|
|
212,689
|
|
||
Subserviced forward servicing portfolio and other
|
207,979
|
|
|
113,408
|
|
||
Total unpaid principal balance
|
$
|
496,429
|
|
|
$
|
426,515
|
|
Table 18. Reverse - Mortgage Portfolio Characteristics
|
September 30, 2017
|
|
December 31, 2016
|
||||
Loan count
|
224,003
|
|
|
233,207
|
|
||
Ending unpaid principal balance
|
$
|
36,412
|
|
|
$
|
38,940
|
|
Average loan amount
(1)
|
$
|
162,552
|
|
|
$
|
166,975
|
|
Average coupon
|
3.8
|
%
|
|
3.4
|
%
|
||
Average borrower age
|
78
|
|
|
78
|
|
Table 19. Originations - Operations
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues
|
$
|
150
|
|
|
$
|
224
|
|
|
$
|
449
|
|
|
$
|
573
|
|
Expenses
|
106
|
|
|
141
|
|
|
326
|
|
|
394
|
|
||||
Other income (expenses), net
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||
Income before income tax expense
|
$
|
45
|
|
|
$
|
83
|
|
|
$
|
123
|
|
|
$
|
182
|
|
Income before taxes margin
|
30.0
|
%
|
|
37.1
|
%
|
|
27.4
|
%
|
|
31.8
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenue
|
$
|
150
|
|
|
$
|
224
|
|
|
$
|
449
|
|
|
$
|
573
|
|
Pull through adjusted lock volume
|
$
|
4,930
|
|
|
$
|
5,881
|
|
|
$
|
12,935
|
|
|
$
|
15,683
|
|
Revenue basis points
(1)
|
3.04
|
%
|
|
3.81
|
%
|
|
3.47
|
%
|
|
3.65
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Expenses
|
$
|
106
|
|
|
$
|
141
|
|
|
$
|
326
|
|
|
$
|
394
|
|
Funded volume
|
$
|
5,102
|
|
|
$
|
5,532
|
|
|
$
|
13,988
|
|
|
$
|
14,977
|
|
Expenses basis points
(2)
|
2.08
|
%
|
|
2.55
|
%
|
|
2.33
|
%
|
|
2.63
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Margin
|
0.96
|
%
|
|
1.26
|
%
|
|
1.14
|
%
|
|
1.02
|
%
|
Table 20. Originations - Revenues
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service related, net - Originations
|
$
|
16
|
|
|
$
|
16
|
|
|
$
|
47
|
|
|
$
|
47
|
|
Net gain on mortgage loans held for sale
|
|
|
|
|
|
|
|
||||||||
Gain on loans originated and sold
|
89
|
|
|
144
|
|
|
293
|
|
|
361
|
|
||||
Fair value adjustment on loans held for sale
|
6
|
|
|
(13
|
)
|
|
16
|
|
|
14
|
|
||||
Mark-to-market on locks and commitments
(1)
|
(1
|
)
|
|
10
|
|
|
(23
|
)
|
|
34
|
|
||||
Mark-to-market on derivative/hedges
|
(4
|
)
|
|
16
|
|
|
(28
|
)
|
|
(15
|
)
|
||||
Capitalized servicing rights
|
46
|
|
|
51
|
|
|
143
|
|
|
133
|
|
||||
Provision of repurchase reserves, net of release
|
(2
|
)
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
||||
Total net gain on mortgage loans held for sale
|
134
|
|
|
208
|
|
|
402
|
|
|
526
|
|
||||
Total revenues - Originations
|
$
|
150
|
|
|
$
|
224
|
|
|
$
|
449
|
|
|
$
|
573
|
|
|
|
|
|
|
|
|
|
||||||||
Key Metrics
|
|
|
|
|
|
|
|
||||||||
Consumer direct lock pull through adjusted volume ($)
(2)
|
$
|
3,006
|
|
|
$
|
4,034
|
|
|
$
|
8,466
|
|
|
$
|
10,293
|
|
Other lock pull through adjusted volume ($)
(2)
|
1,924
|
|
|
1,847
|
|
|
4,469
|
|
|
5,390
|
|
||||
Total pull through adjusted volume
|
$
|
4,930
|
|
|
$
|
5,881
|
|
|
$
|
12,935
|
|
|
$
|
15,683
|
|
Funded volume
|
$
|
5,102
|
|
|
$
|
5,532
|
|
|
$
|
13,988
|
|
|
$
|
14,977
|
|
Funded HARP volume
|
$
|
772
|
|
|
$
|
1,010
|
|
|
$
|
2,932
|
|
|
$
|
3,381
|
|
Recapture percentage
|
23.9
|
%
|
|
27.2
|
%
|
|
26.5
|
%
|
|
28.6
|
%
|
||||
Purchase percentage of funded volume
|
36.3
|
%
|
|
23.7
|
%
|
|
28.6
|
%
|
|
24.9
|
%
|
||||
Value of capitalized servicing
|
93 bps
|
|
|
89 bps
|
|
|
101 bps
|
|
|
91 bps
|
|
Table 21. Originations - Expenses
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
(1)
|
|
2017
|
|
2016
(1)
|
||||||||
Salaries, wages and benefits
|
$
|
66
|
|
|
$
|
82
|
|
|
$
|
195
|
|
|
$
|
227
|
|
General and administrative
|
|
|
|
|
|
|
|
||||||||
Loan origination expenses
|
13
|
|
|
23
|
|
|
46
|
|
|
59
|
|
||||
Corporate and other general and administrative expenses
|
10
|
|
|
17
|
|
|
36
|
|
|
56
|
|
||||
Marketing and professional service fee
|
14
|
|
|
16
|
|
|
41
|
|
|
43
|
|
||||
Depreciation and amortization
|
3
|
|
|
3
|
|
|
8
|
|
|
9
|
|
||||
Total general and administrative
|
40
|
|
|
59
|
|
|
131
|
|
|
167
|
|
||||
Total expenses - Originations
|
$
|
106
|
|
|
$
|
141
|
|
|
$
|
326
|
|
|
$
|
394
|
|
Table 22. Originations - Other Income (Expenses), Net
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest income
|
$
|
14
|
|
|
$
|
17
|
|
|
$
|
39
|
|
|
$
|
48
|
|
Interest expense
|
(13
|
)
|
|
(16
|
)
|
|
(39
|
)
|
|
(44
|
)
|
||||
Other expense
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Other income, net - Originations
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average note rate - mortgage loans held for sale
|
4.1
|
%
|
|
3.9
|
%
|
|
4.1
|
%
|
|
4.0
|
%
|
||||
Weighted average cost of funds (excluding facility fees)
|
3.6
|
%
|
|
2.9
|
%
|
|
3.5
|
%
|
|
2.9
|
%
|
Table 23. Repurchase Reserves
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Repurchase reserves - beginning of period
|
$
|
14
|
|
|
$
|
26
|
|
|
$
|
18
|
|
|
$
|
26
|
|
Provision, net of release
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
||||
Charge-offs
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||
Repurchase reserves - end of period
|
$
|
15
|
|
|
$
|
25
|
|
|
$
|
15
|
|
|
$
|
25
|
|
Table 24. Xome - Operations
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues
|
$
|
65
|
|
|
$
|
107
|
|
|
$
|
226
|
|
|
$
|
327
|
|
Expenses
|
54
|
|
|
87
|
|
|
193
|
|
|
274
|
|
||||
Other income (expenses)
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
||||
Income before income tax expense
|
$
|
11
|
|
|
$
|
20
|
|
|
$
|
41
|
|
|
$
|
53
|
|
Income before taxes margin - Xome
|
16.9
|
%
|
|
18.7
|
%
|
|
18.1
|
%
|
|
16.2
|
%
|
Table 25. Xome - Revenues
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Exchange
|
$
|
26
|
|
|
$
|
37
|
|
|
$
|
84
|
|
|
$
|
120
|
|
Services
|
31
|
|
|
62
|
|
|
119
|
|
|
182
|
|
||||
SaaS
|
8
|
|
|
8
|
|
|
23
|
|
|
25
|
|
||||
Total revenues - Xome
|
$
|
65
|
|
|
$
|
107
|
|
|
$
|
226
|
|
|
$
|
327
|
|
|
|
|
|
|
|
|
|
||||||||
Key Metrics
|
|
|
|
|
|
|
|
||||||||
Default property listings sold
|
2,772
|
|
|
4,061
|
|
|
9,260
|
|
|
13,632
|
|
||||
Default property listings at period end
|
4,082
|
|
|
5,284
|
|
|
4,082
|
|
|
5,284
|
|
||||
Xome services completed orders
|
99,407
|
|
|
146,257
|
|
|
326,377
|
|
|
454,932
|
|
||||
Percentage of revenue earned from third party customers
|
32.6
|
%
|
|
43.9
|
%
|
|
37.4
|
%
|
|
39.0
|
%
|
Table 26. Xome - Expenses
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Salaries, wages and benefits
|
$
|
27
|
|
|
$
|
44
|
|
|
$
|
98
|
|
|
$
|
132
|
|
General and administrative
|
|
|
|
|
|
|
|
||||||||
Operational expenses
|
24
|
|
|
39
|
|
|
83
|
|
|
126
|
|
||||
Depreciation and amortization
|
3
|
|
|
4
|
|
|
10
|
|
|
16
|
|
||||
Loss on impairment of assets
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
Total general and administrative
|
27
|
|
|
43
|
|
|
95
|
|
|
142
|
|
||||
Total expenses - Xome
|
$
|
54
|
|
|
$
|
87
|
|
|
$
|
193
|
|
|
$
|
274
|
|
Table 27. Corporate and Other - Operations
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
Expenses
|
23
|
|
|
29
|
|
|
72
|
|
|
87
|
|
||||
Other income (expenses), net
|
(36
|
)
|
|
(38
|
)
|
|
(106
|
)
|
|
(114
|
)
|
||||
Loss before income tax benefit - Corporate and Other
|
$
|
(59
|
)
|
|
$
|
(67
|
)
|
|
$
|
(177
|
)
|
|
$
|
(200
|
)
|
Table 28. Legacy Portfolio
|
September 30, 2017
|
|
December 31, 2016
|
||||
Performing - UPB
|
$
|
160
|
|
|
$
|
167
|
|
Nonperforming (90+ delinquency) - UPB
|
37
|
|
|
49
|
|
||
REO - estimated fair value
|
2
|
|
|
3
|
|
||
Total legacy portfolio
|
$
|
199
|
|
|
$
|
219
|
|
Table 29. Corporate and Other - Expenses
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
(1)
|
|
2017
|
|
2016
(1)
|
||||||||
Salaries, wages and benefits
|
$
|
16
|
|
|
$
|
16
|
|
|
$
|
46
|
|
|
$
|
39
|
|
General and administrative
|
|
|
|
|
|
|
|
||||||||
Operational expenses
|
4
|
|
|
9
|
|
|
16
|
|
|
42
|
|
||||
Depreciation and amortization
|
3
|
|
|
4
|
|
|
10
|
|
|
6
|
|
||||
Total general and administrative
|
7
|
|
|
13
|
|
|
26
|
|
|
48
|
|
||||
Total expenses - Corporate and Other
|
$
|
23
|
|
|
$
|
29
|
|
|
$
|
72
|
|
|
$
|
87
|
|
Table 30. Corporate and Other - Other Income (Expenses), Net
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Interest income, legacy portfolio
|
$
|
2
|
|
|
$
|
4
|
|
|
$
|
12
|
|
|
$
|
11
|
|
Interest expense, legacy portfolio
|
(2
|
)
|
|
(1
|
)
|
|
(5
|
)
|
|
(6
|
)
|
||||
Interest expense on unsecured senior notes
|
(36
|
)
|
|
(38
|
)
|
|
(109
|
)
|
|
(114
|
)
|
||||
Other interest, net
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(4
|
)
|
||||
Total interest expense
|
(36
|
)
|
|
(37
|
)
|
|
(104
|
)
|
|
(113
|
)
|
||||
Other income (expense)
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(1
|
)
|
||||
Other income (expenses), net - Corporate and Other
|
$
|
(36
|
)
|
|
$
|
(38
|
)
|
|
$
|
(106
|
)
|
|
$
|
(114
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average cost - unsecured senior notes
|
7.3
|
%
|
|
7.3
|
%
|
|
7.3
|
%
|
|
7.3
|
%
|
Table 31. Assets
|
September 30, 2017
|
|
December 31, 2016
|
|
% Change
|
|||||
Cash and cash equivalents
|
$
|
224
|
|
|
$
|
489
|
|
|
(54.2
|
)%
|
Mortgage servicing rights
|
2,961
|
|
|
3,166
|
|
|
(6.5
|
)%
|
||
Advances and other receivables, net
|
1,625
|
|
|
1,749
|
|
|
(7.1
|
)%
|
||
Reverse mortgage interests, net
|
10,299
|
|
|
11,033
|
|
|
(6.7
|
)%
|
||
Mortgage loans held for sale
|
1,646
|
|
|
1,788
|
|
|
(7.9
|
)%
|
||
Other
|
1,249
|
|
|
1,368
|
|
|
(8.7
|
)%
|
||
Total assets
|
$
|
18,004
|
|
|
$
|
19,593
|
|
|
(8.1
|
)%
|
Table 32. Liabilities and Stockholders' Equity
|
September 30, 2017
|
|
December 31, 2016
|
|
% Change
|
|||||
Unsecured senior notes, net
|
$
|
1,873
|
|
|
$
|
1,990
|
|
|
(5.9
|
)%
|
Advance facilities, net
|
797
|
|
|
1,096
|
|
|
(27.3
|
)%
|
||
Warehouse facilities, net
|
2,774
|
|
|
2,421
|
|
|
14.6
|
%
|
||
MSR related liabilities - nonrecourse at fair value
|
1,066
|
|
|
1,241
|
|
|
(14.1
|
)%
|
||
Other nonrecourse debt, net
|
8,569
|
|
|
9,631
|
|
|
(11.0
|
)%
|
||
Other liabilities
|
1,248
|
|
|
1,531
|
|
|
(18.5
|
)%
|
||
Total liabilities
|
16,327
|
|
|
17,910
|
|
|
(8.8
|
)%
|
||
Total stockholders' equity attributable to Nationstar
|
1,670
|
|
|
1,677
|
|
|
(0.4
|
)%
|
||
Noncontrolling interest
|
7
|
|
|
6
|
|
|
16.7
|
%
|
||
Total liabilities and stockholders' equity
|
$
|
18,004
|
|
|
$
|
19,593
|
|
|
(8.1
|
)%
|
Table 33. Operating Cash Flow
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Originations net sales activities
|
$
|
527
|
|
|
$
|
67
|
|
Cash provided by operating profits and changes in working capital and other assets
|
520
|
|
|
513
|
|
||
Net cash attributable to operating activities
|
$
|
1,047
|
|
|
$
|
580
|
|
Table 34. Investing Cash Flows
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Purchase of forward mortgage servicing rights, net of liabilities incurred
|
$
|
(28
|
)
|
|
$
|
(36
|
)
|
Net proceeds from acquisition of reverse mortgage servicing portfolio and HECM related receivables
|
16
|
|
|
—
|
|
||
Proceeds on sale of forward and reverse mortgage service rights
|
25
|
|
|
25
|
|
||
Proceeds on sale of assets
|
16
|
|
|
—
|
|
||
All other
|
(34
|
)
|
|
(49
|
)
|
||
Net cash attributable to investing activities
|
$
|
(5
|
)
|
|
$
|
(60
|
)
|
Table 35. Financing Cash Flow
|
Nine months ended September 30,
|
||||||
|
2017
|
|
2016
|
||||
Payment of advance facilities
|
$
|
(298
|
)
|
|
$
|
(458
|
)
|
Warehouse facilities
|
351
|
|
|
718
|
|
||
Payment of senior unsecured notes and nonrecourse debt
|
(145
|
)
|
|
(51
|
)
|
||
Excess spread and MSR liability financing
|
(168
|
)
|
|
(146
|
)
|
||
Decrease in participating interest financing in reverse mortgage interests
|
(1,730
|
)
|
|
(817
|
)
|
||
HECM securitizations
|
217
|
|
|
100
|
|
||
Repurchase of common stock
|
—
|
|
|
(114
|
)
|
||
Transfers from restricted cash, net
|
38
|
|
|
—
|
|
||
All other
|
428
|
|
|
330
|
|
||
Net cash attributable to financing activities
|
$
|
(1,307
|
)
|
|
$
|
(438
|
)
|
▪
|
Base of $2.5 plus 25 basis points of UPB for total loans serviced.
|
▪
|
Tangible Net Worth comprises total equity less goodwill, intangible assets, affiliate receivables and certain pledged assets.
|
▪
|
Tangible Net Worth/Total Asset greater than 6%.
|
▪
|
3.5 basis points of total Agency servicing (Fannie Mae, Freddie Mac, Ginnie Mae) plus,
|
▪
|
Incremental 200 basis points of total nonperforming Agency, measured as 90+ delinquencies, servicing in excess of 6% of the total Agency servicing UPB.
|
▪
|
Allowable assets for liquidity may including: cash and cash equivalents (unrestricted), available for sale or held for trading investment grade securities (e.g., Agency MBS, Obligations of GSEs, US Treasury Obligations); and unused/available portion of committed servicing advance lines.
|
Table 36. Debt
|
September 30, 2017
|
|
December 31, 2016
|
||||
Advance facilities, net
|
$
|
797
|
|
|
$
|
1,096
|
|
Warehouse facilities, net
|
2,774
|
|
|
2,421
|
|
||
Unsecured senior notes, net
|
1,873
|
|
|
1,990
|
|
Year Ending December 31,
|
|
Amount
|
||
2017
|
|
$
|
—
|
|
2018
|
|
364
|
|
|
2019
|
|
324
|
|
|
2020
|
|
397
|
|
|
2021
|
|
594
|
|
|
Thereafter
|
|
206
|
|
|
Unsecured senior notes
|
|
1,885
|
|
|
Unamortized debt issuance costs
|
|
(12
|
)
|
|
Unsecured senior notes, net
|
|
$
|
1,873
|
|
|
|
Incorporated by Reference
|
|
|||
Exhibit Number
|
Description
|
Form
|
File No.
|
Exhibit
|
Filing Date
|
Filed or Furnished Herewith
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
X
|
|
31.2
|
|
|
|
|
X
|
|
32.1
|
|
|
|
|
X
|
|
32.2
|
|
|
|
|
X
|
|
101.INS
|
XBRL Instance Document
|
|
|
|
|
X
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
X
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
X
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
X
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
X
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
X
|
|
|
NATIONSTAR MORTGAGE HOLDINGS INC.
|
|
|
|
November 8, 2017
|
|
/s/ Jay Bray
|
Date
|
|
Jay Bray
Chief Executive Officer (Principal Executive Officer) |
|
|
|
November 8, 2017
|
|
/s/ Amar R. Patel
|
Date
|
|
Amar R. Patel
Chief Financial Officer
(Principal Financial Officer)
|
|
|
Incorporated by Reference
|
|
|||
Exhibit Number
|
Description
|
Form
|
File No.
|
Exhibit
|
Filing Date
|
Filed or Furnished Herewith
|
|
|
|
|
|
|
|
31.1
|
Certification by Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
31.2
|
Certification by Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
32.1
|
Certification by Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
32.2
|
Certification by Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
X
|
101.INS
|
XBRL Instance Document
|
|
|
|
|
X
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
X
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
X
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
X
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
X
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
X
|
1 Year Nationstar Mortgage Holdings Chart |
1 Month Nationstar Mortgage Holdings Chart |
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