XML 46 R28.htm IDEA: XBRL DOCUMENT
v3.22.4

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Reporting [Abstract] |
Segment Information | 20. Segment Information The Company’s segments reflect the internal reporting we use to evaluate operating performance and are based upon the Company’s organizational structure, which focuses primarily on the services offered. A brief description of our current business segments is as follows: Servicing: This segment performs operational activities on behalf of investors or owners of the underlying mortgages and mortgage servicing rights, including collecting and disbursing borrower payments, investor reporting, customer service, modifying loans where appropriate to help borrowers stay current, and when necessary performing collections, foreclosures, and the sale of REO. Originations: This segment originates residential mortgage loans through our direct-to-consumer channel, which provides refinance options for our existing customers, and through our correspondent channel, which purchases or originates loans from mortgage bankers. Corporate/Other: Functional expenses are allocated to individual segments based on the actual cost of services performed, direct resource utilization, or headcount percentage for shared services. During the fourth quarter of 20 22, the Company began allocating shared services based on headcount instead of estimate of percentage use as it changed its segment measures provided to and used by the chief operating decision maker. As a result, all costs for shared services are allocate d to individual segments based on headcount. The Company restated segment information for the historical periods presented herein to reflect the allocation method change and to conform to the current presentation. The change affects total expenses for Servicing and Originations segments and Corporate/Other but had no effect on consolidated statements of operations. 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 the Company’s operating segments. Revenues generated on inter-segment services performed are valued based on similar services provided to external parties. Eliminations are included in Corporate/Other. On March 31, 2022, the Company completed the sale of its Mortgage Servicing Platform to Sagent and recorded a gain of $223, which was included in “other income, net” within the consolidated statements of operations and reported under Corporate/Other. Refer to Note 3, Dispositions, for further details. The following tables present financial information by segment:
| Year Ended December 31, 2022
Financial Information by Segment | Servicing |  | Originations |  | Corporate/ Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 1,691 |  |  | $ | 98 |  |  | $ | 76 |  |  | $ | 1,865 |
Net gain on mortgage loans held for sale | (33) |  |  | 632 |  |  | — |  |  | 599 |
Total revenues | 1,658 |  |  | 730 |  |  | 76 |  |  | 2,464 |
Total expenses | 559 |  |  | 491 |  |  | 224 |  |  | 1,274 |
Interest income | 208 |  |  | 53 |  |  | — |  |  | 261 |
Interest expense | (221) |  |  | (43) |  |  | (160) |  |  | (424) |
Other income (expenses), net | — |  |  | — |  |  | 187 |  |  | 187 |
Total other (expenses) income, net | (13) |  |  | 10 |  |  | 27 |  |  | 24 |
Income (loss) from continuing operations before income tax expense (benefit) | $ | 1,086 |  |  | $ | 249 |  |  | $ | (121) |  |  | $ | 1,214 |
Depreciation and amortization for property and equipment and intangible assets from continuing operations | $ | 18 |  |  | $ | 16 |  |  | $ | 3 |  |  | $ | 37 |
Total assets | $ | 10,152 |  |  | $ | 749 |  |  | $ | 1,875 |  |  | $ | 12,776 |
| Year Ended December 31, 2021
Financial Information by Segment | Servicing |  | Originations |  | Corporate/ Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 705 |  |  | $ | 176 |  |  | $ | 186 |  |  | $ | 1,067 |
Net gain on mortgage loans held for sale | 568 |  |  | 1,683 |  |  | — |  |  | 2,251 |
Total revenues | 1,273 |  |  | 1,859 |  |  | 186 |  |  | 3,318 |
Total expenses | 502 |  |  | 849 |  |  | 311 |  |  | 1,662 |
Interest income | 129 |  |  | 102 |  |  | — |  |  | 231 |
Interest expense | (262) |  |  | (88) |  |  | (128) |  |  | (478) |
Other income (expenses), net | — |  |  | — |  |  | 528 |  |  | 528 |
Total other (expenses) income, net | (133) |  |  | 14 |  |  | 400 |  |  | 281 |
Income from continuing operations before income tax expense | $ | 638 |  |  | $ | 1,024 |  |  | $ | 275 |  |  | $ | 1,937 |
Depreciation and amortization for property and equipment and intangible assets from continuing operations | $ | 32 |  |  | $ | 24 |  |  | $ | 1 |  |  | $ | 57 |
Total assets | $ | 8,733 |  |  | $ | 3,143 |  |  | $ | 2,328 |  |  | $ | 14,204 |
| Year Ended December 31, 2020
Financial Information by Segment | Servicing |  | Originations |  | Corporate/ Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | (159) |  |  | $ | 105 |  |  | $ | 433 |  |  | $ | 379 |
Net gain on mortgage loans held for sale | 222 |  |  | 2,088 |  |  | — |  |  | 2,310 |
Total revenues | 63 |  |  | 2,193 |  |  | 433 |  |  | 2,689 |
Total expenses | 493 |  |  | 745 |  |  | 544 |  |  | 1,782 |
Interest income | 61 |  |  | 95 |  |  | 2 |  |  | 158 |
Interest expense | (268) |  |  | (78) |  |  | (182) |  |  | (528) |
Other (expenses) income, net | — |  |  | — |  |  | (135) |  |  | (135) |
Total other (expenses) income, net | (207) |  |  | 17 |  |  | (315) |  |  | (505) |
(Loss) income from continuing operations before income tax (benefit) expense | $ | (637) |  |  | $ | 1,465 |  |  | $ | (426) |  |  | $ | 402 |
Depreciation and amortization for property and equipment and intangible assets from continuing operations | $ | 20 |  |  | $ | 18 |  |  | $ | 35 |  |  | $ | 73 |
Total assets | $ | 16,173 |  |  | $ | 5,447 |  |  | $ | 2,545 |  |  | $ | 24,165 |

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