Quarterly report pursuant to Section 13 or 15(d)

CONSUMER LOANS

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CONSUMER LOANS
9 Months Ended
Sep. 30, 2021
Investments In Consumer Loans Equity Method Investees [Abstract]  
CONSUMER LOANS CONSUMER LOANS
New Residential, through limited liability companies (together, the “Consumer Loan Companies”), has a co-investment in a portfolio of consumer loans. The portfolio includes personal unsecured loans and personal homeowner loans. OneMain is the servicer of the loans and provides all servicing and advancing functions for the portfolio. As of September 30, 2021, New Residential owns 53.5% of the limited liability company interests in, and consolidates, the Consumer Loan Companies.

New Residential also purchased certain newly originated consumer loans from a third party (“Consumer Loan Seller”). These loans are not held in the Consumer Loan Companies and have been designated as performing consumer loans, held-for-investment and are grouped and presented as part of Residential Loans and Variable Interest Entity Consumer Loans Held-for-Investment, at Fair Value on the Consolidated Balance Sheets.
The following table summarizes consumer loans, held-for-investment, at fair value:
Unpaid Principal Balance Interest in Consumer Loans Carrying Value Weighted Average Coupon
Weighted Average Expected Life (Years)(A)
Weighted Average Delinquency(B)
September 30, 2021
Performing loans $ 386,479  53.5  % $ 444,377  18.5  % 3.3 3.2  %
Purchased credit deteriorated loans(C)
99,538  53.5  % 103,221  14.0  % 3.2 6.5  %
Other - performing loans 333  100.0  % 197  15.5  % 0.3 15.7  %
Total consumer loans $ 486,350  $ 547,795  17.6  % 3.2 3.8  %
December 31, 2020
Performing loans $ 490,222  53.5  % $ 553,419  18.3  % 3.6 3.7  %
Purchased credit deteriorated loans(C)
127,899  53.5  % 129,513  14.1  % 3.5 7.4  %
Other - performing loans 2,862  100.0  % 2,643  15.3  % 0.4 4.3  %
Total consumer loans $ 620,983  $ 685,575  17.4  % 3.6 4.4  %
(A)Represents the weighted average expected timing of the receipt of expected cash flows for this investment.
(B)Represents the percentage of the total unpaid principal balance that is 30+ days delinquent. Delinquency status is the primary credit quality indicator as it provides early warning of borrowers who may be experiencing financial difficulties.
(C)Includes loans with evidence of credit deterioration since origination where it is probable that New Residential will not collect all contractually required principal and interest payments.

See Note 11 regarding the financing of consumer loans.

The following table summarizes the past due status and difference between the aggregate unpaid principal balance and the aggregate fair value of consumer loans:
September 30, 2021 December 31, 2020
Days Past Due Unpaid Principal Balance Fair Value Fair Value Over (Under) Unpaid Principal Balance Unpaid Principal Balance Fair Value Fair Value Over (Under) Unpaid Principal Balance
Under 90 days $ 479,784  $ 540,463  $ 60,679  $ 611,978  $ 675,691  $ 63,713 
90+ 6,566  7,332  766  9,005  9,884  879 
$ 486,350  $ 547,795  $ 61,445  $ 620,983  $ 685,575  $ 64,592 

Activities related to consumer loans were as follows:
Balance at December 31, 2020 $ 685,575 
Additional fundings(A)
21,680 
Proceeds from repayments (160,615)
Accretion of loan discount and premium amortization, net 14,493 
Fair value adjustment due to:
Changes in instrument-specific credit risk 15,963 
Other factors (29,301)
Balance at September 30, 2021 $ 547,795 
(A)Represents draws on consumer loans with revolving privileges.