XML 41 R23.htm IDEA: XBRL DOCUMENT
v3.22.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2022
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 its Title business, Valuations business and Field Services business. The Title, Valuations and Field Services businesses were previously reported under the Xome segment. With the sale of the majority of Xome’s operations and the related changes to business structure and internal reporting, the Xome segment is no longer 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 December 1, 2021, the Company completed the sale of its reverse servicing portfolio, operating under the Champion Mortgage brand, to MAM 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 financial statements for all periods presented and, as such, is not included in the continuing operations of the Servicing segment. On March 31, 2022, the Company c ompleted the sale of its Mortgage Servicing Platform to Sagent and recorded a gain of $223, which was included in other income, net within the condensed statements of operations and reported under Corporate/Other. Refer to Note 2, Dispositions for further details. The following tables present financial information by segment:
| Three Months Ended June 30, 2022
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 414 |  |  | $ | 24 |  |  | $ | 22 |  |  | $ | 460 |
Net (loss) gain on mortgage loans held for sale | (19) |  |  | 158 |  |  | — |  |  | 139 |
Total revenues | 395 |  |  | 182 |  |  | 22 |  |  | 599 |
Total expenses | 143 |  |  | 126 |  |  | 59 |  |  | 328 |
Interest income | 35 |  |  | 15 |  |  | — |  |  | 50 |
Interest expense | (61) |  |  | (10) |  |  | (40) |  |  | (111) |
Other expense, net | — |  |  | — |  |  | (5) |  |  | (5) |
Total other (expenses) income, net | (26) |  |  | 5 |  |  | (45) |  |  | (66) |
Income (loss) from continuing operations before income tax expense (benefit) | $ | 226 |  |  | $ | 61 |  |  | $ | (82) |  |  | $ | 205 |
Depreciation and amortization for property and equipment and intangible assets from continuing operations | $ | 5 |  |  | $ | 5 |  |  | $ | (1) |  |  | $ | 9 |
Total assets | $ | 9,645 |  |  | $ | 1,381 |  |  | $ | 1,869 |  |  | $ | 12,895 |
| Three Months Ended June 30, 2021
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | (92) |  |  | $ | 45 |  |  | $ | 39 |  |  | $ | (8) |
Net gain on mortgage loans held for sale | 197 |  |  | 385 |  |  | — |  |  | 582 |
Total revenues | 105 |  |  | 430 |  |  | 39 |  |  | 574 |
Total expenses | 121 |  |  | 226 |  |  | 78 |  |  | 425 |
Interest income | 25 |  |  | 26 |  |  | — |  |  | 51 |
Interest expense | (65) |  |  | (23) |  |  | (31) |  |  | (119) |
Other income, net | — |  |  | — |  |  | 486 |  |  | 486 |
Total other (expenses) income, net | (40) |  |  | 3 |  |  | 455 |  |  | 418 |
(Loss) income from continuing operations before income tax (benefit) expense | $ | (56) |  |  | $ | 207 |  |  | $ | 416 |  |  | $ | 567 |
Depreciation and amortization for property and equipment and intangible assets from continuing operations | $ | 7 |  |  | $ | 6 |  |  | $ | 3 |  |  | $ | 16 |
Total assets | $ | 15,973 |  |  | $ | 4,582 |  |  | $ | 2,753 |  |  | $ | 23,308 |
| Six Months Ended June 30, 2022
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 1,115 |  |  | $ | 66 |  |  | $ | 34 |  |  | $ | 1,215 |
Net (loss) gain on mortgage loans held for sale | (4) |  |  | 440 |  |  | — |  |  | 436 |
Total revenues | 1,111 |  |  | 506 |  |  | 34 |  |  | 1,651 |
Total expenses | 266 |  |  | 300 |  |  | 100 |  |  | 666 |
Interest income | 54 |  |  | 32 |  |  | — |  |  | 86 |
Interest expense | (115) |  |  | (22) |  |  | (80) |  |  | (217) |
Other income, net | — |  |  | — |  |  | 217 |  |  | 217 |
Total other (expenses) income, net | (61) |  |  | 10 |  |  | 137 |  |  | 86 |
Income from continuing operations before income tax expense | $ | 784 |  |  | $ | 216 |  |  | $ | 71 |  |  | $ | 1,071 |
Depreciation and amortization for property and equipment and intangible assets from continuing operations | $ | 10 |  |  | $ | 9 |  |  | $ | 1 |  |  | $ | 20 |
Total assets | $ | 9,645 |  |  | $ | 1,381 |  |  | $ | 1,869 |  |  | $ | 12,895 |
| Six Months Ended June 30, 2021
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 349 |  |  | $ | 88 |  |  | $ | 135 |  |  | $ | 572 |
Net gain on mortgage loans held for sale | 324 |  |  | 937 |  |  | — |  |  | 1,261 |
Total revenues | 673 |  |  | 1,025 |  |  | 135 |  |  | 1,833 |
Total expenses | 231 |  |  | 457 |  |  | 191 |  |  | 879 |
Interest income | 48 |  |  | 49 |  |  | — |  |  | 97 |
Interest expense | (136) |  |  | (48) |  |  | (61) |  |  | (245) |
Other income, net | — |  |  | — |  |  | 486 |  |  | 486 |
Total other (expenses) income, net | (88) |  |  | 1 |  |  | 425 |  |  | 338 |
Income from continuing operations before income tax expense | $ | 354 |  |  | $ | 569 |  |  | $ | 369 |  |  | $ | 1,292 |
Depreciation and amortization for property and equipment and intangible assets from continuing operations | $ | 12 |  |  | $ | 10 |  |  | $ | 9 |  |  | $ | 31 |
Total assets | $ | 15,973 |  |  | $ | 4,582 |  |  | $ | 2,753 |  |  | $ | 23,308 |

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

X
- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration