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SEC Filings

10-K
DITECH HOLDING CORP filed this Form 10-K on 04/16/2019
Entire Document
 

Servicing advance liabilities — The estimated fair value of the majority of these liabilities approximates carrying value as these liabilities bear interest at a rate that is adjusted regularly based on a market index.
Corporate debt — The Company’s 2013 Term Loan, 2018 Term Loan, Convertible Notes, Senior Notes and Second Lien Notes are not traded in an active, open market with readily observable prices. The estimated fair value of corporate debt is primarily based on an average of broker quotes.
Mortgage-backed debt carried at amortized cost — The methods and assumptions used to estimate the fair value of mortgage-backed debt carried at amortized cost are the same as those described above for mortgage-backed debt related to Non-Residual Trusts and Residual Trusts.
Net Gains on Sales of Loans
Provided in the table below is a summary of the components of net gains on sales of loans (in thousands):
 
 
Successor
 
 
Predecessor
 
 
For the Period From February 10, 2018 Through December 31, 2018
 
 
For the Period From January 1, 2018 Through February 9, 2018
 
For the Year Ended 
 December 31, 2017
Realized gains (losses) on sales of loans
 
$
(5,602
)
 
 
$
3,582

 
$
171,537

Change in unrealized gains (losses) on loans held for sale
 
7,425

 
 
(9,343
)
 
10,309

Losses on interest rate lock commitments
 
(5,089
)
 
 
(4,926
)
 
(22,632
)
Gains (losses) on forward sales commitments
 
(22,948
)
 
 
24,570

 
(31,662
)
Gains (losses) on MBS purchase commitments
 
13,807

 
 
(872
)
 
(2,749
)
Capitalized servicing rights
 
155,989

 
 
13,227

 
132,581

Provision for repurchases
 
(5,522
)
 
 
(729
)
 
(6,991
)
Interest income
 
23,790

 
 
2,298

 
34,126

Other
 
(140
)
 
 
156

 
(128
)
Net gains on sales of loans
 
$
161,710



$
27,963

 
$
284,391

Net Fair Value Gains on Reverse Loans and Related HMBS Obligations
Provided in the table below is a summary of the components of net fair value gains on reverse loans and related HMBS obligations (in thousands):
 
 
Successor
 
 
Predecessor
 
 
For the Period From February 10, 2018 Through December 31, 2018
 
 
For the Period From January 1, 2018 Through February 9, 2018
 
For the Year Ended 
 December 31, 2017
Interest income on reverse loans
 
$
379,215

 
 
$
47,116

 
$
450,628

Change in fair value of reverse loans
 
(176,371
)
 
 
(15,640
)
 
(208,340
)
Net fair value gains on reverse loans
 
202,844



31,476


242,288

 
 
 
 
 
 
 
 
Interest expense on HMBS related obligations (1)
 
(310,721
)
 
 
(40,427
)
 
(398,241
)
Change in fair value of HMBS related obligations
 
154,710

 
 
19,527

 
198,372

Net fair value losses on HMBS related obligations
 
(156,011
)


(20,900
)

(199,869
)
Net fair value gains on reverse loans and related HMBS obligations
 
$
46,833



$
10,576


$
42,419

__________
(1)
Excludes interest expense related to the warehouse facilities used to fund Ginnie Mae buyouts.

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