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Segment Information | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Segment Information | 16. 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. In the third quarter of 2023, we expanded our special servicing and subservicing offerings with the acquisition of Rushmore Loan Management Services LLC. 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. 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. The following tables present financial information by segment:
| Three Months Ended March 31, 2024
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 440 |  |  | $ | 16 |  |  | $ | 22 |  |  | $ | 478 |
Net gain on mortgage loans held for sale | 10 |  |  | 76 |  |  | — |  |  | 86 |
Total revenues | 450 |  |  | 92 |  |  | 22 |  |  | 564 |
Total expenses | 185 |  |  | 62 |  |  | 70 |  |  | 317 |
Interest income | 146 |  |  | 12 |  |  | — |  |  | 158 |
Interest expense | (98) |  |  | (10) |  |  | (62) |  |  | (170) |
Other expenses, net | — |  |  | — |  |  | (3) |  |  | (3) |
Total other income (expenses), net | 48 |  |  | 2 |  |  | (65) |  |  | (15) |
Income (loss) before income tax expense (benefit) | $ | 313 |  |  | $ | 32 |  |  | $ | (113) |  |  | $ | 232 |
Depreciation and amortization for property and equipment and intangible assets | $ | 3 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 8 |
Total assets | $ | 12,187 |  |  | $ | 973 |  |  | $ | 1,615 |  |  | $ | 14,775 |
| Three Months Ended March 31, 2023
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 231 |  |  | $ | 11 |  |  | $ | 19 |  |  | $ | 261 |
Net gain on mortgage loans held for sale | — |  |  | 69 |  |  | — |  |  | 69 |
Total revenues | 231 |  |  | 80 |  |  | 19 |  |  | 330 |
Total expenses | 153 |  |  | 56 |  |  | 52 |  |  | 261 |
Interest income | 79 |  |  | 6 |  |  | — |  |  | 85 |
Interest expense | (63) |  |  | (7) |  |  | (40) |  |  | (110) |
Other expenses, net | — |  |  | — |  |  | (9) |  |  | (9) |
Total other income (expenses), net | 16 |  |  | (1) |  |  | (49) |  |  | (34) |
Income (loss) before income tax expense (benefit) | $ | 94 |  |  | $ | 23 |  |  | $ | (82) |  |  | $ | 35 |
Depreciation and amortization for property and equipment and intangible assets | $ | 2 |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 9 |
Total assets | $ | 10,050 |  |  | $ | 760 |  |  | $ | 1,847 |  |  | $ | 12,657 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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