Quarterly report pursuant to Section 13 or 15(d)

Mortgage Loans Held for Sale, at Fair Value

v3.21.2
Mortgage Loans Held for Sale, at Fair Value
6 Months Ended
Jun. 30, 2021
Mortgage Loans Held for Sale At Fair Value [Abstract]  
Mortgage Loans Held for Sale, at Fair Value
10.
Mortgage Loans Held for Sale, at Fair Value
Mortgage loans held for sale, at fair value, consisted of the following for the dates indicated (in thousands):
 
    
June 30, 2021
         
December 31, 2020
 
    
Successor
         
Predecessor
 
Mortgage loans held for sale—UPB:
          
 
        
Residential mortgage loans
  
$
1,858,087
   
 
   $ 2,000,795  
Commercial mortgage loans
  
 
144,789
   
 
     140,693  
Fair value adjustments
  
 
54,666
   
 
     81,323  
    
 
 
        
 
 
 
Total mortgage loans held for sale, at fair value
  
$
2,057,542
         $ 2,222,811  
    
 
 
        
 
 
 
The table below shows the total amount of mortgage loans held for sale that were greater than 90 days past due and on
non-accrual
status (in thousands):
 
    
June 30, 2021
         
December 31, 2020
 
    
Successor
         
Predecessor
 
Loans 90 days or more past due and on
non-accrual
status
          
 
        
Mortgage loans held for sale:
          
 
        
Fair value:
          
 
        
Residential mortgage loans
  
$
11,453
   
 
   $ 10,628  
Commercial mortgage loans
  
 
3,203
   
 
     5,051  
    
 
 
        
 
 
 
Total fair value
  
 
14,656
           15,679  
    
 
 
        
 
 
 
Aggregate UPB:
                     
Residential mortgage loans
  
 
12,594
           13,236  
Commercial mortgage loans
  
 
3,360
           5,317  
    
 
 
        
 
 
 
Total aggregate UPB
  
 
15,954
           18,553  
    
 
 
        
 
 
 
Difference
  
$
(1,298
       $ (2,874
    
 
 
        
 
 
 
The Company originates or purchases and sells mortgage loans in the secondary mortgage market without recourse for credit losses. However, the Company at times maintains continuing involvement with the loans in the form of servicing arrangements and the liability under representations and warranties it makes to purchasers and insurers of the loans.
 
The following table summarizes cash flows between the Company and transferees as a result of the sale of mortgage loans in transactions where the Company maintains continuing involvement with the mortgage loans (in thousands):
 
    
April 1, 2021
to
June 30, 2021
         
January 1, 2021
to

March 31, 2021
    
For the three
months ended
June 30, 2020
    
For the six
months ended
June 30, 2020
 
    
Successor
         
Predecessor
 
Cash flows:
          
 
                          
Sales proceeds
  
$
5,181,557
   
 
   $ 6,387,933      $ 2,631,554      $ 2,868,960  
Fair value of retained beneficial interest
(1)
  
 
49,308
   
 
     66,400        43,500        44,855  
Gross servicing fees received
  
 
14,278
   
 
     13,877        1,544        1,824  
Repurchases
  
 
(6,818
 
 
     (4,144      (3,380      (8,547
Gain
  
 
197,129
   
 
     284,948        282,424        291,671  
 
(1)
Fair value of retained beneficial interest includes retained servicing rights and other beneficial interests retained as of the statement of financial condition date.