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Segment Information | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Information | 16. Segment Information The Company’s segments are based upon the Company’s organizational structure, which focuses primarily on the services offered. Corporate functional expenses are allocated to individual segments based on the actual cost of services performed, direct resource utilization, estimate of percentage use for shared services or headcount percentage for certain functions. Facility costs are allocated to individual segments based on cost per headcount for specific facilities utilized. Group insurance costs are allocated to individual segments based on global cost per headcount. Non-allocated corporate expenses include the administrative costs of executive management and other corporate functions that are not directly attributable to Company’s operating segments. Revenues generated on inter-segment services performed are valued based on similar services provided to external parties. In the third quarter of 2021, the Company updated its presentation of segments to align with a change in the reporting package provided to the Chief Operating Decision Maker. In 2021, the Company sold the Xome Title business and Valuations business and entered into a definitive agreement to sell the Xome Field Services business. See Note 1, Nature of Business and Basis of Presentation for further details. The Title, Valuations and Field Services businesses were previously reported under the Xome segment. With the sale of majority of Xome’s operations and the related changes to business structure and internal reporting, the Xome segment will no longer be considered a reportable segment. Accordingly, beginning in the third quarter of 2021, the Company began reporting Xome’s financial results within Corporate/Other. Prior year financial information has been adjusted retrospectively to reflect the updated presentation. On July 1, 2021, the Company entered into a definitive agreement for the sale of its reverse servicing portfolio, operating under the Champion Mortgage brand, to Mortgage Assets Management, LLC and its affiliates. The reverse servicing operation was previously reported in the Company’s Servicing segment. The reverse servicing operation is presented as discontinued operations in Company’s condensed consolidated financial statements for all periods presented and as such is not included in the continuing operations of the Servicing segment. Refer to Note 2, Discontinued Operations for further details. As of September 30, 2021 and December 31, 2020, total assets of discontinued operations was $3,722 an d $5,347, respectively. In June and August 2021, the Company closed the sale of Xome Title and Valuations businesses, respectively. The Xome Title and Valuations businesses were reported within Corporate/Other. The Company recorded a $487 and $7 gain in the second and third quarter of 2021 upon closing of the Title Transaction and Valuations Transaction, respectively. The gain was included in other income, net in the condensed statements of operations and reported under Corporate/Other. The following tables present financial information by segment:
| Three Months Ended September 30, 2021
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 209 |  |  | $ | 44 |  |  | $ | 35 |  |  | $ | 288 |
Net gain on mortgage loans held for sale | 142 |  |  | 430 |  |  | — |  |  | 572 |
Total revenues | 351 |  |  | 474 |  |  | 35 |  |  | 860 |
Total expenses | 128 |  |  | 208 |  |  | 66 |  |  | 402 |
Interest income | 39 |  |  | 27 |  |  | — |  |  | 66 |
Interest expense | (65) |  |  | (22) |  |  | (31) |  |  | (118) |
Other income, net | — |  |  | — |  |  | 8 |  |  | 8 |
Total other (expenses) income, net | (26) |  |  | 5 |  |  | (23) |  |  | (44) |
Income (loss) from continuing operations before income tax expense (benefit) | $ | 197 |  |  | $ | 271 |  |  | $ | (54) |  |  | $ | 414 |
Depreciation and amortization for property and equipment and intangible assets from continuing operations | $ | 11 |  |  | $ | 8 |  |  | $ | (5) |  |  | $ | 14 |
Total assets | $ | 14,560 |  |  | $ | 4,949 |  |  | $ | 2,152 |  |  | $ | 21,661 |
| Three Months Ended September 30, 2020
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 83 |  |  | $ | 27 |  |  | $ | 108 |  |  | $ | 218 |
Net gain on mortgage loans held for sale | 40 |  |  | 605 |  |  | — |  |  | 645 |
Total revenues | 123 |  |  | 632 |  |  | 108 |  |  | 863 |
Total expenses | 123 |  |  | 195 |  |  | 137 |  |  | 455 |
Interest income | 1 |  |  | 16 |  |  | — |  |  | 17 |
Interest expense | (68) |  |  | (15) |  |  | (45) |  |  | (128) |
Other (expense), net | — |  |  | — |  |  | (51) |  |  | (51) |
Total other (expenses) income, net | (67) |  |  | 1 |  |  | (96) |  |  | (162) |
(Loss) income from continuing operations before income tax (benefit) expense | $ | (67) |  |  | $ | 438 |  |  | $ | (125) |  |  | $ | 246 |
Depreciation and amortization for property and equipment and intangible assets from continuing operations | $ | 6 |  |  | $ | 5 |  |  | $ | 8 |  |  | $ | 19 |
Total assets | $ | 14,707 |  |  | $ | 4,250 |  |  | $ | 2,798 |  |  | $ | 21,755 |
| Nine Months Ended September 30, 2021
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 558 |  |  | $ | 132 |  |  | $ | 170 |  |  | $ | 860 |
Net gain on mortgage loans held for sale | 466 |  |  | 1,367 |  |  | — |  |  | 1,833 |
Total revenues | 1,024 |  |  | 1,499 |  |  | 170 |  |  | 2,693 |
Total expenses | 359 |  |  | 665 |  |  | 257 |  |  | 1,281 |
Interest income | 87 |  |  | 76 |  |  | — |  |  | 163 |
Interest expense | (201) |  |  | (70) |  |  | (92) |  |  | (363) |
Other income, net | — |  |  | — |  |  | 494 |  |  | 494 |
Total other (expenses) income, net | (114) |  |  | 6 |  |  | 402 |  |  | 294 |
Income from continuing operations before income tax expense | $ | 551 |  |  | $ | 840 |  |  | $ | 315 |  |  | $ | 1,706 |
Depreciation and amortization for property and equipment and intangible assets from continuing operations | $ | 23 |  |  | $ | 18 |  |  | $ | 4 |  |  | $ | 45 |
Total assets | $ | 14,560 |  |  | $ | 4,949 |  |  | $ | 2,152 |  |  | $ | 21,661 |
| Nine Months Ended September 30, 2020
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | (237) |  |  | $ | 68 |  |  | $ | 320 |  |  | $ | 151 |
Net gain on mortgage loans held for sale | 119 |  |  | 1,475 |  |  | — |  |  | 1,594 |
Total revenues | (118) |  |  | 1,543 |  |  | 320 |  |  | 1,745 |
Total expenses | 354 |  |  | 528 |  |  | 395 |  |  | 1,277 |
Interest income | 44 |  |  | 69 |  |  | 1 |  |  | 114 |
Interest expense | (195) |  |  | (55) |  |  | (144) |  |  | (394) |
Other (expense), net | — |  |  | — |  |  | (50) |  |  | (50) |
Total other (expenses) income, net | (151) |  |  | 14 |  |  | (193) |  |  | (330) |
(Loss) income from continuing operations before income tax (benefit) expenses | $ | (623) |  |  | $ | 1,029 |  |  | $ | (268) |  |  | $ | 138 |
Depreciation and amortization for property and equipment and intangible assets from continuing operations | $ | 14 |  |  | $ | 12 |  |  | $ | 29 |  |  | $ | 55 |
Total assets | $ | 14,707 |  |  | $ | 4,250 |  |  | $ | 2,798 |  |  | $ | 21,755 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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