|3 Months Ended|
Mar. 31, 2020
|Subsequent Events [Abstract]|
These financial statements include a discussion of material events that have occurred subsequent to March 31, 2020 (referred to as “subsequent events”) through the issuance of these condensed consolidated financial statements. Events subsequent to that date have not been considered in these financial statements.
In April 2020, the Company entered into amendments to its existing servicing advance credit facilities with one of its lenders. The material terms of the amendments provide for an increase on the Company’s existing facilities by an additional $1.3 billion in the aggregate to finance servicing advances. The applicable advance rates depend upon asset type and characteristics and the interest rate is based on one-month LIBOR plus a spread of 2.50%. The maturity date of the facilities is April 2021.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef