XML 39 R29.htm IDEA: XBRL DOCUMENT
v3.23.1

Segments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Segment Reporting [Abstract] |
Schedule of Key Operating Data for Business Segments | Key operating data for our business segments for the periods ended:
Three Months Ended March 31, 2023 |  | Direct to Consumer |  | Partner Network |  | Segments Total |  | All Other |  | Total
Revenues |  |  |  |  |  |  |  |  |  |
Gain on sale |  | $ | 390,342 |  |  | $ | 71,993 |  | $ | 462,335 |  |  | $ | 7,228 |  |  | $ | 469,563 |
Interest income |  | 38,123 |  |  | 27,672 |  | 65,795 |  |  | 949 |  |  | 66,744 |
Interest expense on funding facilities |  | (16,808) |  |  | (12,198) |  | (29,006) |  |  | (54) |  |  | (29,060) |
Servicing fee income |  | 365,217 |  |  | — |  |  | 365,217 |  |  | 1,168 |  |  | 366,385 |
Changes in fair value of MSRs |  | (398,279) |  |  | — |  |  | (398,279) |  |  | — |  |  | (398,279) |
Other income |  | 116,520 |  |  | 3,618 |  | 120,138 |  |  | 70,577 |  |  | 190,715 |
Total U.S. GAAP Revenue, net |  | 495,115 |  |  | 91,085 |  |  | 586,200 |  |  | 79,868 |  |  | 666,068 |
Change in fair value of MSRs due to valuation assumptions, net of hedges |  | 216,058 |  |  | — |  | 216,058 |  |  | — |  |  | 216,058 |
Adjusted revenue |  | 711,173 |  |  | 91,085 |  |  | 802,258 |  |  | 79,868 |  |  | 882,126 |
Less: Directly attributable expenses |  | 505,583 |  |  | 65,359 |  |  | 570,942 |  |  | 76,843 |  |  | 647,785 |
Contribution margin |  | $ | 205,590 |  |  | $ | 25,726 |  |  | $ | 231,316 |  |  | $ | 3,025 |  |  | $ | 234,341 |
Three Months Ended March 31, 2022 |  | Direct to Consumer |  | Partner Network |  | Segments Total |  | All Other |  | Total
Revenues |  |  |  |  |  |  |  |  |  |
Gain on sale |  | $ | 1,217,103 |  |  | $ | 258,056 |  | $ | 1,475,159 |  |  | $ | 8,627 |  |  | $ | 1,483,786 |
Interest income |  | 57,601 |  |  | 32,168 |  | 89,769 |  |  | 771 |  |  | 90,540 |
Interest expense on funding facilities |  | (26,727) |  |  | (14,969) |  | (41,696) |  |  | — |  |  | (41,696) |
Servicing fee income |  | 365,499 |  |  | — |  |  | 365,499 |  |  | 715 |  |  | 366,214 |
Changes in fair value of MSRs |  | 454,380 |  |  | — |  |  | 454,380 |  |  | — |  |  | 454,380 |
Other income |  | 167,027 |  |  | 16,477 |  | 183,504 |  |  | 133,868 |  |  | 317,372 |
Total U.S. GAAP Revenue, net |  | 2,234,883 |  |  | 291,732 |  |  | 2,526,615 |  |  | 143,981 |  |  | 2,670,596 |
Change in fair value of MSRs due to valuation assumptions, net of hedges |  | (739,217) |  |  | — |  | (739,217) |  |  | — |  |  | (739,217) |
Adjusted revenue |  | 1,495,666 |  |  | 291,732 |  |  | 1,787,398 |  |  | 143,981 |  |  | 1,931,379 |
Less: Directly attributable expenses |  | 869,210 |  |  | 120,034 |  |  | 989,244 |  |  | 118,872 |  |  | 1,108,116 |
Contribution margin |  | $ | 626,456 |  |  | $ | 171,698 |  |  | $ | 798,154 |  |  | $ | 25,109 |  |  | $ | 823,263 |
Schedule of Reconciliation of Segment Contribution Margin to Combined U.S. GAAP Income Before Taxes | The following table represents a reconciliation of segment contribution margin to consolidated U.S. GAAP income before taxes for the three months ended:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Contribution margin, excluding change in MSRs due to valuation assumptions | $ | 234,341 |  |  | $ | 823,263 |  |  |  |  |
Change in fair value of MSRs due to valuation assumptions, net of hedges | (216,058) |  |  | 739,217 |  |  |  |  |
Contribution margin, including change in MSRs due to valuation assumptions | 18,283 |  |  | 1,562,480 |  |  |  |  |
Less expenses not allocated to segments: |  |  |  |  |  |  |
Salaries, commissions and team member benefits | 220,883 |  |  | 244,044 |  |  |  |  |
General and administrative expenses | 143,113 |  |  | 192,457 |  |  |  |  |
Depreciation and amortization | 30,685 |  |  | 21,042 |  |  |  |  |
Interest and amortization expense on non-funding debt | 38,333 |  |  | 38,664 |  |  |  |  |
Other expenses | 1,256 |  |  | 3,816 |  |  |  |  |
(Loss) income before income taxes | $ | (415,987) |  |  | $ | 1,062,457 |  |  |  |  |

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration