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☒			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

Mr. Cooper Group Inc.

Delaware

91-1653725

(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)

(469) 549-2000

Registrant’s telephone number, including area code

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, $0.01 par value per share			COOP			The Nasdaq Stock Market

Large Accelerated Filer			¨			Accelerated Filer			x
Non-Accelerated Filer			¨			Smaller reporting company			☐
						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

						Page
PART I			FINANCIAL INFORMATION
Item 1.			Financial Statements			3
			Consolidated Balance Sheets as of June 30, 2020 (unaudited) and December 31, 2019			3
			Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended June 30, 2020 and 2019			4
			Consolidated Statements of Stockholders’ Equity (unaudited) for the Three and Six Months Ended June 30, 2020 and 2019			6
			Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2020 and 2019			7
			Notes to Consolidated Financial Statements (unaudited)			9
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			43
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			89
Item 4.			Controls and Procedures			90
PART II			OTHER INFORMATION
Item 1.			Legal Proceedings			91
Item 1A.			Risk Factors			91
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			91
Item 3.			Defaults Upon Senior Securities			91
Item 4.			Mine Safety Disclosures			91
Item 5.			Other Information			91
Item 6.			Exhibits			92

			June 30, 2020						December 31, 2019
			(unaudited)
Assets
Cash and cash equivalents			$	1,041					$	329
Restricted cash			260						283
Mortgage servicing rights, $2,757 and $3,496 at fair value, respectively			2,763						3,502
Advances and other receivables, net of reserves of $216 and $175, respectively			668						988
Reverse mortgage interests, net of purchase discount of $127 and $114, respectively			5,709						6,279
Mortgage loans held for sale at fair value			3,179						4,077
Property and equipment, net of accumulated depreciation of $75 and $55, respectively			115						112
Deferred tax assets, net			1,391						1,345
Other assets			2,174						1,390
Total assets			$	17,300					$	18,305
Liabilities and Stockholders’ Equity
Unsecured senior notes, net			$	2,261					$	2,366
Advance facilities, net			475						422
Warehouse facilities, net			4,031						4,575
Payables and other liabilities			2,460						2,016
MSR related liabilities - nonrecourse at fair value			1,173						1,348
Mortgage servicing liabilities			48						61
Other nonrecourse debt, net			4,707						5,286
Total liabilities			15,155						16,074
Commitments and contingencies (Note 16)
Preferred stock at $0.00001 - 10 million shares authorized, 1 million shares issued and outstanding, respectively; aggregate liquidation preference of ten dollars, respectively			—						—
Common stock at $0.01 par value - 300 million shares authorized, 92.0 million and 91.1 million shares issued, respectively			1						1
Additional paid-in-capital			1,114						1,109
Retained earnings			1,034						1,122
Total Mr. Cooper stockholders’ equity			2,149						2,232
Non-controlling interests			(4)						(1)
Total stockholders’ equity			2,145						2,231
Total liabilities and stockholders’ equity			$	17,300					$	18,305

			Three Months Ended June 30,																		Six Months Ended June 30,
			2020						2019						2020						2019
Revenues:
Service related, net			$	12					$	137					$	(41)					$	221
Net gain on mortgage loans held for sale			618						262						949						428
Total revenues			630						399						908						649
Expenses:
Salaries, wages and benefits			248						238						494						453
General and administrative			171						254						369						482
Total expenses			419						492						863						935
Interest income			76						162						194						296
Interest expense			(177)						(187)						(369)						(376)
Other income, net			—						1						1						16
Total other expenses, net			(101)						(24)						(174)						(64)
Income (loss) before income tax expense (benefit)			110						(117)						(129)						(350)
Less: Income tax expense (benefit)			37						(29)						(31)						(76)
Net income (loss)			73						(88)						(98)						(274)
Less: Net loss attributable to non-controlling interests			—						(1)						(3)						(1)
Net income (loss) attributable to Mr. Cooper			73						(87)						(95)						(273)
Less: Undistributed earnings attributable to participating stockholders			1						—						—						—
Net income (loss) attributable to common stockholders			$	72					$	(87)					$	(95)					$	(273)
Net income (loss) per common share attributable to Mr. Cooper:
Basic			$	0.78					$	(0.96)					$	(1.04)					$	(3.00)
Diluted			$	0.77					$	(0.96)					$	(1.04)					$	(3.00)

						Preferred Stock																		Common Stock
						Shares (in thousands)						Amount						Shares (in thousands)						Amount						Additional Paid-in Capital						Retained Earnings												Total Mr. Cooper Stockholders’ Equity						Non-controlling Interests						Total Equity
Balance at March 31, 2019						1,000						$	—					91,042						$	1					$	1,095					$	662											$	1,758					$	3					$	1,761
Shares issued under incentive compensation plan						—						—						19						—						—						—												—						—						—
Share-based compensation						—						—						—						—						5						—												5						—						5
Net loss						—						—						—						—						—						(87)												(87)						(1)						(88)
Balance at June 30, 2019						1,000						$	—					91,061						$	1					$	1,100					$	575											$	1,676					$	2					$	1,678
Balance at March 31, 2020						1,000						$	—					91,970						$	1					$	1,108					$	961											$	2,070					$	(4)					$	2,066
Shares issued under incentive compensation plan						—						—						52						—						—						—												—						—						—
Share-based compensation						—						—						—						—						6						—												6						—						6
Net income						—						—						—						—						—						73												73						—						73
Balance at June 30, 2020						1,000						$	—					92,022						$	1					$	1,114					$	1,034											$	2,149					$	(4)					$	2,145

						Preferred Stock																		Common Stock
						Shares (in thousands)						Amount						Shares (in thousands)						Amount						Additional Paid-in Capital						Retained Earnings												Total Mr. Cooper Stockholders’ Equity						Non-controlling Interests						Total Equity
Balance at January 1, 2019						1,000						$	—					90,821						$	1					$	1,093					$	848											$	1,942					$	3					$	1,945
Shares issued / (surrendered) under incentive compensation plan						—						—						240						—						(2)						—												(2)						—						(2)
Share-based compensation						—						—						—						—						9						—												9						—						9
Net loss						—						—						—						—						—						(273)												(273)						(1)						(274)
Balance at June 30, 2019						1,000						$	—					91,061						$	1					$	1,100					$	575											$	1,676					$	2					$	1,678
Balance at January 1, 2020						1,000						$	—					91,118						$	1					$	1,109					$	1,122											$	2,232					$	(1)					$	2,231
Shares issued / (surrendered) under incentive compensation plan						—						—						904						—						(5)						—												(5)						—						(5)
Share-based compensation						—						—						—						—						10						—												10						—						10
Cumulative effect adjustments pursuant to the adoption of ASU 2016-13						—						—						—						—						—						7												7						—						7
Net loss						—						—						—						—						—						(95)												(95)						(3)						(98)
Balance at June 30, 2020						1,000						$	—					92,022						$	1					$	1,114					$	1,034											$	2,149					$	(4)					$	2,145

			Six Months Ended June 30,
			2020						2019
Operating Activities
Net loss			$	(98)					$	(274)
Adjustments to reconcile net loss to net cash attributable to operating activities:
Deferred tax benefit			(49)						(76)
Net gain on mortgage loans held for sale			(949)						(428)
Interest income on reverse mortgage loans			(117)						(167)
Provision for servicing and non-servicing reserves			11						30
Fair value changes and amortization/accretion of mortgage servicing rights/liabilities			999						695
Fair value changes in excess spread financing			(101)						(74)
Fair value changes in mortgage servicing rights financing liability			12						11
Fair value changes in mortgage loans held for investment			—						(3)
Amortization of premiums, net of discount accretion			34						(25)
Depreciation and amortization for property and equipment and intangible assets			37						45
Share-based compensation			10						9
Other loss			8						—
Repurchases of forward loan assets out of Ginnie Mae securitizations			(2,092)						(715)
Mortgage loans originated and purchased for sale, net of fees			(23,110)						(15,727)
Sales proceeds and loan payment proceeds for mortgage loans held for sale and held for investment			26,606						15,429
Changes in assets and liabilities:
Advances and other receivables			313						249
Reverse mortgage interests			751						1,056
Other assets			(616)						(118)
Payables and other liabilities			417						31
Net cash attributable to operating activities			2,066						(52)
Investing Activities
Acquisitions, net of cash acquired			—						(85)
Property and equipment additions, net of disposals			(26)						(27)
Purchase of forward mortgage servicing rights, net of liabilities incurred			(31)						(409)
Proceeds on sale of forward and reverse mortgage servicing rights			43						279
Net cash attributable to investing activities			(14)						(242)

			Six Months Ended June 30,
			2020						2019
Financing Activities
(Decrease) increase in warehouse facilities			(544)						1,173
Increase (decrease) in advance facilities			58						(40)
Repayment of notes payable			—						(294)
Proceeds from HECM securitizations			—						398
Proceeds from sale of HECM securitizations			—						20
Repayment of HECM securitizations			(168)						(434)
Proceeds from issuance of participating interest financing in reverse mortgage interests			99						156
Repayment of participating interest financing in reverse mortgage interests			(598)						(1,004)
Proceeds from the issuance of excess spread financing			24						437
Settlements and repayments of excess spread financing			(110)						(119)
Issuance of unsecured senior debt			600						—
Repayment of nonrecourse debt – legacy assets			—						(6)
Redemption and repayment of unsecured senior notes			(698)						—
Repayment of finance lease liability			(1)						(2)
Surrender of shares relating to stock vesting			(5)						(2)
Debt financing costs			(20)						(1)
Net cash attributable to financing activities			(1,363)						282
Net increase (decrease) in cash, cash equivalents, and restricted cash			689						(12)
Cash, cash equivalents, and restricted cash - beginning of period			612						561
Cash, cash equivalents, and restricted cash - end of period(1)			$	1,301					$	549
Supplemental Disclosures of Cash Activities
Cash paid for interest expense			$	89					$	74
Net cash paid (refunded) for income taxes			$	3					$	(1)

			June 30, 2020						June 30, 2019
Cash and cash equivalents			$	1,041					$	245
Restricted cash			260						304
Total cash, cash equivalents, and restricted cash			$	1,301					$	549

Mr. Cooper Group Inc., collectively with its consolidated subsidiaries, (“Mr. Cooper”, the “Company”, “we”, “us” or “our”) provides servicing, origination and transaction-based services related to single family residences throughout the United States with operations under its primary brands: Mr. Cooper® and Xome®. Mr. Cooper is one of the largest home loan originators and servicers in the country focused on delivering a variety of servicing and lending products, services and technologies. Xome provides real estate services including real estate brokerage, title, closing, valuation and field services to lenders, investors and consumers. The Company’s corporate website is located at www.mrcoopergroup.com. The Company has provided a glossary of terms, which defines certain industry-specific and other terms that are used herein, in the MD&A section of this Form 10-Q.

For certain financial instruments included in advances and other receivables, net, and certain trade receivables and accrued revenues included in other assets that within the scope of ASU 2016-13, the reserve methodology was revised to consider CECL losses. The revised CECL methodology considers expected lifetime loss rates calculated from historical data using a weighted average life to determine the current expected credit loss required. Due to the nature of the financial instrument, reverse mortgage interests, net of reserves, and advances and other receivables had limited impact from the adoption of CECL to the reserve methodology. See Note 4, Advances and Other Receivables, Net, Note 5, Reverse Mortgage Interests, Net, and Note 7, Other Assets, for additional information.

Accounting Standards Update No. 2018-13, Fair Value Measurement (Topic 820) - Changes to the Disclosure Requirements for Fair Value Measurement, (“ASU 2018-13”) removes the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 fair value measurement methodologies, the policy for timing of transfers between levels and the valuation processes for Level 3 fair value measurements. It also adds a requirement to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. For certain unobservable inputs, entities may disclose other quantitative information in lieu of the weighted average if the other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The Company adopted ASU 2018-13 on January 1, 2020. The guidance does not have a material impact to the disclosures currently provided by the Company.

Final Estimated Fair Value of Net Assets Acquired:
Cash and cash equivalents			$	37
Restricted cash			2
Mortgage servicing rights			271
Advances and other receivables			84
Mortgage loans held for sale			536
Mortgage loans held for investment			1
Property and equipment			8
Other assets			483
Fair value of assets acquired			1,422
Notes payable(1)			294
Advance facilities			13
Warehouse facilities			393
Payables and other liabilities			530
Other nonrecourse debt			129
Fair value of liabilities assumed			1,359
Total fair value of net tangible assets acquired			63
Intangible assets:
Customer relationships(2)			13
Goodwill			40
Final purchase price			$	116

⁽¹⁾Notes payable was subsequently paid off in February 2019 after the consummation of the acquisition.

⁽²⁾The estimated fair values for customer relationships were measured using the excess earnings method and were determined to have a remaining useful life of 10 years.

			Three Months Ended June 30, 2019						Six Months Ended June 30, 2019
Pro forma financial information			(unaudited)						(unaudited)
Pro forma total revenues			$	399					$	668
Pro forma net loss			$	(87)					$	(271)

MSRs and Related Liabilities			June 30, 2020						December 31, 2019
Forward MSRs - fair value			$	2,757					$	3,496
Reverse MSRs - amortized cost			6						6
Mortgage servicing rights			$	2,763					$	3,502
Mortgage servicing liabilities - amortized cost			$	48					$	61
Excess spread financing - fair value			$	1,124					$	1,311
Mortgage servicing rights financing - fair value			49						37
MSR related liabilities - nonrecourse at fair value			$	1,173					$	1,348

			Six Months Ended June 30,
Forward MSRs - Fair Value			2020						2019
Fair value - beginning of period			$	3,496					$	3,665
Additions:
Servicing retained from mortgage loans sold			249						169
Purchases of servicing rights(1)			24						689
Dispositions:
Sales of servicing assets			—						(294)
Changes in fair value:
Changes in valuation inputs or assumptions used in the valuation model			(717)						(542)
Other changes in fair value			(295)						(182)
Fair value - end of period			$	2,757					$	3,505

⁽¹⁾Purchases of servicing rights during the six months ended June 30, 2019 includes $271 of mortgage servicing rights that were acquired from Pacific Union. See Note 2, Acquisitions, for further discussion. In addition, in January 2019, the Company entered into a subservicing contract for $24 billion in mortgages, which were subsequently purchased in May 2019, resulting in additional $253 servicing rights in the second quarter of 2019.

			June 30, 2020																		December 31, 2019
Forward MSRs - UPB and fair value breakdown			UPB						Fair Value						UPB						Fair Value
Acquisition Pools
Credit sensitive			$	131,105					$	1,307					$	147,895					$	1,613
Interest sensitive			146,870						1,450						148,887						1,883
Total			$	277,975					$	2,757					$	296,782					$	3,496
Investor Pools
Agency(1)			$	228,680					$	2,308					$	240,688					$	2,944
Non-agency(2)			49,295						449						56,094						552
Total			$	277,975					$	2,757					$	296,782					$	3,496

⁽¹⁾Agency investors primarily consist of government sponsored enterprises (“GSE”), such as the Federal National Mortgage Association (“Fannie Mae” or “FNMA”) and the Federal Home Loan Mortgage Corp (“Freddie Mac” or “FHLMC”), and the Government National Mortgage Association (“Ginnie Mae” or “GNMA”).

⁽²⁾Non-agency investors consist of investors in private-label securitizations.

Forward MSRs - Key inputs and assumptions			June 30, 2020						December 31, 2019
Total MSR Portfolio
Discount rate			9.5		%				9.7		%
Prepayment speeds			14.2		%				13.1		%
Average life			5.3 years						5.8 years
Acquisition Pools:
Credit Sensitive
Discount rate			9.9		%				10.4		%
Prepayment speeds			12.6		%				12.7		%
Average life			5.6 years						6.0 years
Interest Sensitive
Discount rate			9.0		%				9.1		%
Prepayment speeds			15.8		%				13.5		%
Average life			4.9 years						5.7 years
Investor Pools:
Agency
Discount rate			8.9		%				9.0		%
Prepayment speeds			14.4		%				13.0		%
Average life			5.2 years						5.8 years
Non-agency
Discount rate			12.0		%				12.6		%
Prepayment speeds			13.4		%				13.8		%
Average life			5.6 years						6.2 years

			Discount Rate																		Total Prepayment Speeds
Forward MSRs - Hypothetical Sensitivities			100 bps Adverse Change						200 bps Adverse Change						10% Adverse Change						20% Adverse Change
June 30, 2020
Mortgage servicing rights			$	(104)					$	(201)					$	(175)					$	(335)
December 31, 2019
Mortgage servicing rights			$	(127)					$	(245)					$	(165)					$	(317)

			Six Months Ended June 30,
			2020																		2019
Reverse MSRs and Liabilities - Amortized Cost			Assets						Liabilities						Assets						Liabilities
Balance - beginning of period			$	6					$	61					$	11					$	71
Amortization/accretion			—						(13)						(1)						(28)
Adjustments(1)			—						—						(4)						37
Balance - end of the period			$	6					$	48					$	6					$	80
Fair value - end of period			$	6					$	12					$	7					$	44

⁽¹⁾Reverse MSR and MSL net adjustments recorded by the Company during the six months ended June 30, 2019 primarily relate to the fair value adjustments for reverse MSR and MSL assumed from the Merger resulting from the revised cost to service assumption used in the valuation of reverse MSR and MSL during the measurement period.

Excess Spread Financing Assumptions			June 30, 2020						December 31, 2019
Discount rate			12.0		%				11.6		%
Prepayment speeds			13.4		%				12.6		%
Recapture rate			18.7		%				20.1		%
Average life			5.4 years						5.8 years

			Discount Rate																		Prepayment Speeds
Excess Spread Financing - Hypothetical Sensitivities			100 bps Adverse Change						200 bps Adverse Change						10% Adverse Change						20% Adverse Change
June 30, 2020
Excess spread financing			$	38					$	78					$	47					$	97
December 31, 2019
Excess spread financing			$	46					$	95					$	46					$	96

Mortgage Servicing Rights Financing Assumptions			June 30, 2020						December 31, 2019
Advance financing rates			4.3		%				3.5		%
Annual advance recovery rates			18.6		%				18.8		%

			Three Months Ended June 30,																		Six Months Ended June 30,
Total Revenues - Servicing			2020						2019						2020						2019
Contractually specified servicing fees(1)			$	285					$	307					$	582					$	588
Other service-related income(1)			62						32						111						82
Incentive and modification income(1)			8						10						18						17
Late fees(1)			20						27						47						52
Reverse servicing fees			7						8						13						17
Mark-to-market adjustments(2)			(261)						(231)						(644)						(524)
Counterparty revenue share(3)			(88)						(70)						(164)						(118)
Amortization, net of accretion(4)			(102)						(56)						(178)						(79)
Total revenues - Servicing			$	(69)					$	27					$	(215)					$	35

⁽¹⁾The Company recognizes revenue on an earned basis for services performed. Amounts include subservicing related revenues.

⁽²⁾Mark-to-market (“MTM”) adjustments include fair value adjustments on MSR, excess spread financing and MSR financing liabilities. The amount of MSR MTM includes the impact of negative modeled cash flows which have been transferred to reserves on advances and other receivables. The negative modeled cash flows relate to advances and other receivables associated with inactive and liquidated loans that are no longer part of the MSR portfolio. The impact of negative modeled cash flows was $3 and $17 for the three months ended June 30, 2020 and 2019 and $13 and $28 for the six months ended June 30, 2020 and 2019, respectively.

⁽³⁾Counterparty revenue share represents the excess servicing fee that the Company pays to the counterparties under the excess spread financing arrangements and the payments made associated with MSR financing arrangements.

⁽⁴⁾Amortization is net of excess spread accretion of $79 and $59 and MSL accretion of $5 and $11 for the three months ended June 30, 2020 and 2019, respectively. For the six months ended June 30, 2020 and 2019, amortization is net of excess spread accretion of $147 and $95 and MSL accretion of $13 and $29, respectively.

Advances and Other Receivables, Net			June 30, 2020						December 31, 2019
Servicing advances, net of $117 and $131 purchase discount, respectively			$	695					$	970
Receivables from agencies, investors and prior servicers, net of $21 and $21 purchase discount, respectively			189						193
Reserves			(216)						(175)
Total advances and other receivables, net			$	668					$	988

			Three Months Ended June 30,																					Six Months Ended June 30,
Reserves for Advances and Other Receivables			2020									2019						2020						2019
Balance - beginning of period			$	193								$	71					$	168					$	47
Provision and other additions(1)			29									37						59						67
Write-offs			(6)									(10)						(11)						(16)
Balance - end of period			$	216								$	98					$	216					$	98

⁽¹⁾The Company recorded a provision of $3 and $17 through the MTM adjustments in revenues - service related, net, in the consolidated statements of operations for the three months ended June 30, 2020 and 2019, respectively, and $13 and $28 for the six months ended June 30, 2020 and 2019, respectively, for inactive and liquidated loans that are no longer part of the MSR portfolio. Other additions represent reclassifications of required reserves provisioned within other balance sheet accounts as associated serviced loans become inactive or liquidate.

In connection with the acquisition of Pacific Union in February 2019, the Company recorded the acquired advances and other receivables at estimated fair value as of the acquisition date, which resulted in a purchase discount of $19. Refer to Note 2, Acquisitions, for discussion of the Pacific Union acquisition. In 2018, the Company recorded the acquired advances and other receivables in connection with the Merger at estimated fair value as of the acquisition date, which resulted in a purchase discount of $302.

			Three Months Ended June 30, 2020																		Three Months Ended June 30, 2019
Purchase Discount for Advances and Other Receivables			Servicing Advances						Receivables from Agencies, Investors and Prior Servicers						Servicing Advances						Receivables from Agencies, Investors and Prior Servicers
Balance - beginning of period			$	125					$	21					$	169					$	48
Utilization of purchase discounts			(8)						—						(13)						—
Balance - end of period			$	117					$	21					$	156					$	48

			Six Months Ended June 30, 2020																		Six Months Ended June 30, 2019
Purchase Discount for Advances and Other Receivables			Servicing Advances						Receivables from Agencies, Investors and Prior Servicers						Servicing Advances						Receivables from Agencies, Investors and Prior Servicers
Balance - beginning of period			$	131					$	21					$	205					$	48
Addition from acquisition			—						—						19						—
Utilization of purchase discounts			(14)						—						(68)						—
Balance - end of period			$	117					$	21					$	156					$	48

As described in Note 1, Nature of Business and Basis of Presentation, advances and other receivables are within the scope of ASU 2016-13, and the Company modified its accounting policy regarding its assessment of reserves for credit-related losses in accordance with CECL framework. During the three and six months ended June 30, 2020, the Company increased the CECL reserve by $8 and $14, respectively. As of June 30, 2020, the total CECL reserve was $31, of which $14 and $17 was recorded in reserves and purchase discount for advances and other receivables, respectively.

Reverse Mortgage Interests, Net			June 30, 2020						December 31, 2019
Participating interests in HECM mortgage-backed securities (“HMBS”)			$	3,873					$	4,282
Other interests securitized			825						994
Unsecuritized interests			1,138						1,117
Purchase discount, net			(127)						(114)
Total reverse mortgage interests, net			$	5,709					$	6,279

Other interests securitized consist of reverse mortgage interests that no longer meet HMBS program eligibility criteria primarily because they have reached 98% of their Max Claim Amount (“MCA”), which is established at origination and in accordance with HMBS program guidelines, requiring a repurchase of loans from the respective HMBS trust. These reverse mortgage interests have subsequently been transferred to private securitization trusts and are accounted for as a secured borrowing. No such securitizations occurred during the six months ended June 30, 2020. During the six months ended June 30, 2019, the Company securitized a total of $398 UPB through Trust 2019-1 and a total of $249 UPB from Trust 2017-2 was called and the related debt was extinguished. The Company sold $20 UPB of Trust 2018-3 during the six months ended June 30, 2019. Refer to Other Nonrecourse Debt in Note 9, Indebtedness for additional information.

Unsecuritized interests			June 30, 2020						December 31, 2019
Repurchased HECM loans (exceeds 98% MCA)			$	804					$	789
HECM related receivables(1)			244						250
Funded borrower draws not yet securitized			53						64
Real estate owned (“REO”) related receivables			37						14
Total unsecuritized interests			$	1,138					$	1,117

⁽¹⁾HECM related receivables consist primarily of receivables from FNMA for corporate advances and service fees and claims receivables from the U.S. Department of Housing and Urban Development (“HUD”) on reverse mortgage interests.

			Three Months Ended June 30,																		Six Months Ended June 30,
Purchase discount, net, for reverse mortgage interests(1)			2020						2019						2020						2019
Balance - beginning of period			$	(129)					$	(171)					$	(114)					$	(164)
Adjustments(2)			—						—						—						(24)
Utilization of purchase discounts(3)			9						12						19						40
Amortization, net of accretion			(7)						(4)						(32)						(15)
Balance - end of period			$	(127)					$	(163)					$	(127)					$	(163)

⁽¹⁾Net position as certain items are in a premium/(discount) position, based on the characteristics of underlying tranches of loans.

⁽²⁾Adjustments during the six months ended June 30, 2019 due to revised cost to service assumption utilized in the valuation of reverse mortgage assets and liabilities acquired from the Merger.

⁽³⁾Utilization of purchase discounts on liquidated loans, for which the remaining receivable was written-off.

As described in Note 1, Nature of Business and Basis of Presentation, reverse mortgage interests are within the scope of ASU 2016-13, requiring an assessment of reserves regarding credit-related losses in accordance with the CECL framework. Upon applying ASU 2016-13, the Company determined that credit-related losses are immaterial given the government insured nature of the HECM loan product. Any expected credit-related losses are contemplated in the Company’s existing reserve methodology due to the nature of this financial instrument. Accordingly, no cumulative effect adjustment was required upon adoption of ASU 2016-13 on January 1, 2020 and no additional CECL reserve was recorded as of June 30, 2020.

Mortgage Loans Held for Sale			June 30, 2020						December 31, 2019
Mortgage loans held for sale – UPB			$	3,033					$	3,949
Mark-to-market adjustment(1)			146						128
Total mortgage loans held for sale			$	3,179					$	4,077

⁽¹⁾The mark-to-market adjustment is recorded in net gain on mortgage loans held for sale in the consolidated statements of operations.

			Six Months Ended June 30,
Mortgage Loans Held for Sale			2020						2019
Balance - beginning of period			$	4,077					$	1,631
Loans sold			(26,149)						(15,203)