SERVICER ADVANCE INVESTMENTS (Tables)
|9 Months Ended|
Sep. 30, 2021
|Investments, All Other Investments [Abstract]|
|Summary of Investments in Servicer Advances||
The following types of advances are included in the Servicer Advances Receivable:
(A)Includes $555.9 million and $583.9 million of servicer advances receivable related to Agency MSRs, respectively, recoverable either from the borrower or the Agencies.
(B)Includes $183.0 million and $181.2 million of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae. Expected losses for advances associated with Ginnie Mae loans in the MSR portfolio are considered in the MSR fair valuation through a nonreimbursable advance loss assumption.
(C)Excludes $25.6 million and $27.5 million, respectively, in unamortized advance discount and reserves, net of accruals for advance recoveries. These reserves relate to inactive loans in the foreclosure or liquidation process.
The following is a summary of New Residential’s Servicer Advance Investments, including the right to the basic fee component of the related MSRs:
(A)Carrying value represents the fair value of the servicer advance investments, including the basic fee component of the related MSRs.
(B)Weighted average life represents the weighted average expected timing of the receipt of expected net cash flows for this investment.
The following is additional information regarding the Servicer Advance Investments and related financing:
(A)Based on outstanding servicer advances, excluding purchased but unsettled servicer advances.
(B)Ratio of face amount of borrowings to par amount of servicer advance collateral, net of any general reserve.
(C)Annualized measure of the cost associated with borrowings. Gross cost of funds primarily includes interest expense and facility fees. Net cost of funds excludes facility fees.
(D)The following types of advances are included in the Servicer Advance Investments:
|Schedule of Interest Income Related to Investments in Servicer Advances||
Interest Income related to Servicer Advance Investments consists of the following:
The following table summarizes the net interest income for residential mortgage loans:
Tabular disclosure of the investment in servicer advances as of the balance sheet date.
No definition available.
Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities.
No definition available.