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Segments (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024						Direct to  Consumer						Partner  Network						Segments  Total						All Other						Total
Revenues
Gain on sale						$	577,231					$	169,020					$	746,251					$	12,305					$	758,556
Interest income						59,806						52,609						112,415						—						112,415
Interest expense on funding facilities						(43,128)						(37,948)						(81,076)						(217)						(81,293)
Servicing fee income						353,299						—						353,299						1,378						354,677
Changes in fair value of MSRs						(112,941)						—						(112,941)						—						(112,941)
Other income						147,057						4,156						151,213						118,095						269,308
Total U.S. GAAP Revenue, net						981,324						187,837						1,169,161						131,561						1,300,722
Change in fair value of MSRs due to valuation assumptions, net of hedges						(72,566)						—						(72,566)						—						(72,566)
Adjusted revenue						908,758						187,837						1,096,595						131,561						1,228,156
Less: Directly attributable expenses						534,049						61,506						595,555						88,650						684,205
Contribution margin						$	374,709					$	126,331					$	501,040					$	42,911					$	543,951

Six Months Ended June 30, 2024						Direct to  Consumer						Partner  Network						Segments  Total						All Other						Total
Revenues
Gain on sale						$	1,117,396					$	318,527					$	1,435,923					$	21,859					$	1,457,782
Interest income						108,688						92,707						201,395						—						201,395
Interest expense on funding facilities						(71,362)						(61,052)						(132,414)						(322)						(132,736)
Servicing fee income						697,659						—						697,659						2,764						700,423
Changes in fair value of MSRs						(56,433)						—						(56,433)						—						(56,433)
Other income						279,254						7,936						287,190						226,817						514,007
Total U.S. GAAP Revenue, net						2,075,202						358,118						2,433,320						251,118						2,684,438
Change in fair value of MSRs due to valuation assumptions, net of hedges						(293,037)						—						(293,037)						—						(293,037)
Adjusted revenue						1,782,165						358,118						2,140,283						251,118						2,391,401
Less: Directly attributable expenses						1,063,853						117,450						1,181,303						177,741						1,359,044
Contribution margin						$	718,312					$	240,668					$	958,980					$	73,377					$	1,032,357

Three Months Ended June 30, 2023						Direct to  Consumer						Partner  Network						Segments  Total						All Other						Total
Revenues
Gain on sale						$	476,052					$	108,580					$	584,632					$	9,837					$	594,469
Interest income						45,484						36,043						81,527						(770)						80,757
Interest expense on funding facilities						(33,084)						(26,331)						(59,415)						(97)						(59,512)
Servicing fee income						342,328						—						342,328						1,263						343,591
Changes in fair value of MSRs						42,377						—						42,377						—						42,377
Other income						150,101						4,196						154,297						80,248						234,545
Total U.S. GAAP Revenue, net						1,023,258						122,488						1,145,746						90,481						1,236,227
Change in fair value of MSRs due to valuation assumptions, net of hedges						(234,556)						—						(234,556)						—						(234,556)
Adjusted revenue						788,702						122,488						911,190						90,481						1,001,671
Less: Directly attributable expenses						529,222						66,425						595,647						69,591						665,238
Contribution margin						$	259,480					$	56,063					$	315,543					$	20,890					$	336,433

Six Months Ended June 30, 2023						Direct to Consumer						Partner Network						Segments Total						All Other						Total
Revenues
Gain on sale						$	866,394					$	180,574					$	1,046,968					$	17,064					$	1,064,032
Interest income						83,606						63,715						147,321						180						147,501
Interest expense on funding facilities						(53,392)						(41,080)						(94,472)						(152)						(94,624)
Servicing fee income						707,545						—						707,545						2,431						709,976
Changes in fair value of MSRs						(355,902)						—						(355,902)						—						(355,902)
Other income						272,673						7,814						280,487						150,825						431,312
Total U.S. GAAP Revenue, net						1,520,924						211,023						1,731,947						170,348						1,902,295
Change in fair value of MSRs due to valuation assumptions, net of hedges						(18,498)						—						(18,498)						—						(18,498)
Adjusted revenue						1,502,426						211,023						1,713,449						170,348						1,883,797
Less: Directly attributable expenses						1,034,805						131,784						1,166,589						146,433						1,313,022
Contribution margin						$	467,621					$	79,239					$	546,860					$	23,915					$	570,775

Schedule of Reconciliation of Segment Contribution Margin to Combined U.S. GAAP Income (Loss) Before Taxes

The following table represents a reconciliation of segment contribution margin to consolidated U.S. GAAP Income (loss) before income taxes for the three and six months ended:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Contribution margin, excluding change in MSRs due to valuation assumptions			$	543,951					$	336,433					$	1,032,357					$	570,775
Change in fair value of MSRs due to valuation assumptions, net of hedges			72,566						234,556						293,037						18,498
Contribution margin, including change in MSRs due to valuation assumptions			616,517						570,989						1,325,394						589,273
Less expenses not allocated to segments:
Salaries, commissions and team member benefits			209,271						222,645						397,599						443,527
General and administrative expenses			123,785						145,595						268,851						288,708
Depreciation and amortization			28,009						25,357						55,026						56,042
Interest and amortization expense on non-funding debt			38,364						38,333						76,729						76,667
Other expenses			25,046						689						36,777						1,946
Income (loss) before income taxes			$	192,042					$	138,370					$	490,412					$	(277,617)

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

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-Name Accounting Standards Codification
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- 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

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