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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

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- 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.

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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.

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