General and Administrative Expenses
General and administrative expenses decreased $15.2 million in 2018 as compared to 2017 due primarily to decreases of $22.6 million in curtailment-related accruals, $4.4 million in loan portfolio expenses due to lower loss accruals and $1.1 million in rental expense, partially offset by increases of $4.1 million in contractor fees and outsourcing and $3.6 million in bank fees, primarily relating to the sale of defaulted reverse Ginnie Mae buyout loans.
Fresh Start Accounting Adjustments
Fresh start accounting adjustments were $7.4 million in 2018, which were comprised of $5.6 million in real estate owned fair value adjustments, $2.0 million related to accrued liabilities and $1.2 million of MSR fair value adjustments, partially offset by $1.4 million in advances fair value adjustments.
Adjusted EBITDA increased $6.3 million in 2018 as compared to 2017 primarily due to an increase in net interest income on reverse loans and related HMBS obligations and a decline in general and administrative expenses and salaries and benefits, partially offset by higher interest expense related to higher average borrowings on master repurchase agreements resulting from higher buyout loan levels.