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SEC Filings

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

 
 
 
 
 
 
 
 
 
 
 
 
 
Predecessor
 
 
For the Period From January 1, 2018 Through February 9, 2018
 
 
Servicing
 
Originations
 
Reverse
Mortgage
 
Corporate and Other
 
Total
Consolidated
Balance at January 1, 2018
 
 
 
 
 
 
 
 
 
 
2016 and Prior Actions (2)
 
$
348

 
$
77

 
$
18

 
$
97

 
$
540

2017 Actions (2)
 
14,317

 
91

 
483

 
1,064

 
15,955

2018 Actions (2)
 

 

 

 

 

Total balance at January 1, 2018 (2)
 
14,665

 
168

 
501

 
1,161

 
16,495

Charges
 
 
 
 
 
 
 
 
 
 
2016 and Prior Actions (1)
 
(5
)
 
3

 

 

 
(2
)
2017 Actions (1)
 
289

 
16

 
2

 
(1
)
 
306

2018 Actions
 
527

 
27

 
27

 
46

 
627

Total charges, net
 
811

 
46

 
29

 
45

 
931

Cash payments or other settlements
 
 
 
 
 
 
 
 
 
 
2016 and Prior Actions
 
(54
)
 
(12
)
 

 

 
(66
)
2017 Actions
 
(888
)
 
(63
)
 
(98
)
 
(375
)
 
(1,424
)
2018 Actions
 

 
(11
)
 

 

 
(11
)
Total cash payments or other settlements
 
(942
)
 
(86
)
 
(98
)
 
(375
)
 
(1,501
)
Balance at February 9, 2018
 
 
 
 
 
 
 
 
 
 
2016 and Prior Actions
 
289

 
68

 
18

 
97

 
472

2017 Actions
 
13,718

 
44

 
387

 
688

 
14,837

2018 Actions
 
527

 
16

 
27

 
46

 
616

Total balance at February 9, 2018
 
$
14,534

 
$
128

 
$
432

 
$
831

 
$
15,925

__________
(1)
Includes adjustments to prior year accruals resulting from changes to previous estimates.
(2)
Effective January 1, 2018, the Company no longer allocates corporate overhead to its operating segments. These amounts are now included in the Corporate and Other non-reportable segment. Prior year balances have been restated to conform to current year presentation.
18. Servicing Advance Liabilities
Servicing advance liabilities, which are carried at amortized cost, consist of the following (in thousands):
 
 
Successor
 
 
Predecessor
 
 
December 31, 2018
 
 
December 31, 2017
Servicing Advance Facilities
 
$
218,291

 
 
$
421,165

Early Advance Reimbursement Agreement
 

 
 
62,297

Total servicing advance liabilities
 
$
218,291

 
 
$
483,462

The Company's subsidiaries have servicing advance facilities, which are used to fund certain servicer and protective advances that are the responsibility of the Company under certain servicing agreements. Payments on the amounts due under these agreements are paid from certain proceeds received by the subsidiaries (i) in connection with the liquidation of mortgaged properties, (ii) from repayments received from mortgagors, (iii) from reimbursements received from the owners of the mortgage loans, such as Fannie Mae, Freddie Mac and private label securitization trusts, or (iv) issuance of new notes or other refinancing transactions. Accordingly, repayment of the servicing advance liabilities is dependent on the proceeds that are received on the underlying advances associated with the agreements.

F-58