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Segment Information | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Segment Information | 16. Segment Information The Company’s segments reflect the internal reporting the Company uses to evaluate operating performance and are based upon the Company’s organizational structure, which focuses primarily on the services offered. Our operations are primarily conducted through two segments: Servicing and Originations. A brief description of these 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, the Company expanded its special servicing and subservicing offerings with the acquisition and subsequent integration of Rushmore as a brand within the Servicing segment. Originations: This segment originates residential mortgage loans through the direct-to-consumer channel, which provides refinance options for the Company’s existing customers, and through the 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 September 30, 2024
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 246 |  |  | $ | 24 |  |  | $ | 18 |  |  | $ | 288 |
Net gain on mortgage loans held for sale | 10 |  |  | 126 |  |  | — |  |  | 136 |
Total revenues | 256 |  |  | 150 |  |  | 18 |  |  | 424 |
Total expenses | 180 |  |  | 83 |  |  | 72 |  |  | 335 |
Interest income | 201 |  |  | 25 |  |  | 1 |  |  | 227 |
Interest expense | (100) |  |  | (23) |  |  | (76) |  |  | (199) |
Other expenses, net | — |  |  | — |  |  | (5) |  |  | (5) |
Total other income (expenses), net | 101 |  |  | 2 |  |  | (80) |  |  | 23 |
Income (loss) before income tax expense (benefit) | $ | 177 |  |  | $ | 69 |  |  | $ | (134) |  |  | $ | 112 |
Depreciation and amortization for property and equipment and intangible assets | $ | 2 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 9 |
Total assets | $ | 12,462 |  |  | $ | 2,001 |  |  | $ | 1,723 |  |  | $ | 16,186 |
| Three Months Ended September 30, 2023
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 392 |  |  | $ | 18 |  |  | $ | 22 |  |  | $ | 432 |
Net gain on mortgage loans held for sale | 72 |  |  | 70 |  |  | — |  |  | 142 |
Total revenues | 464 |  |  | 88 |  |  | 22 |  |  | 574 |
Total expenses | 172 |  |  | 58 |  |  | 71 |  |  | 301 |
Interest income | 157 |  |  | 10 |  |  | — |  |  | 167 |
Interest expense | (88) |  |  | (11) |  |  | (47) |  |  | (146) |
Other income, net | — |  |  | — |  |  | 58 |  |  | 58 |
Total other income (expenses), net | 69 |  |  | (1) |  |  | 11 |  |  | 79 |
Income (loss) before income tax expense (benefit) | $ | 361 |  |  | $ | 29 |  |  | $ | (38) |  |  | $ | 352 |
Depreciation and amortization for property and equipment and intangible assets | $ | 4 |  |  | $ | 2 |  |  | $ | 4 |  |  | $ | 10 |
Total assets | $ | 10,916 |  |  | $ | 868 |  |  | $ | 1,643 |  |  | $ | 13,427 |
| Nine Months Ended September 30, 2024
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 1,132 |  |  | $ | 59 |  |  | $ | 60 |  |  | $ | 1,251 |
Net gain on mortgage loans held for sale | 30 |  |  | 290 |  |  | — |  |  | 320 |
Total revenues | 1,162 |  |  | 349 |  |  | 60 |  |  | 1,571 |
Total expenses | 536 |  |  | 214 |  |  | 202 |  |  | 952 |
Interest income | 521 |  |  | 52 |  |  | 1 |  |  | 574 |
Interest expense | (303) |  |  | (48) |  |  | (205) |  |  | (556) |
Other expenses, net | — |  |  | — |  |  | (16) |  |  | (16) |
Total other income (expenses), net | 218 |  |  | 4 |  |  | (220) |  |  | 2 |
Income (loss) before income tax expense (benefit) | $ | 844 |  |  | $ | 139 |  |  | $ | (362) |  |  | $ | 621 |
Depreciation and amortization for property and equipment and intangible assets | $ | 7 |  |  | $ | 2 |  |  | $ | 16 |  |  | $ | 25 |
Total assets | $ | 12,462 |  |  | $ | 2,001 |  |  | $ | 1,723 |  |  | $ | 16,186 |
| Nine Months Ended September 30, 2023
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 988 |  |  | $ | 45 |  |  | $ | 62 |  |  | $ | 1,095 |
Net gain on mortgage loans held for sale | 75 |  |  | 220 |  |  | — |  |  | 295 |
Total revenues | 1,063 |  |  | 265 |  |  | 62 |  |  | 1,390 |
Total expenses | 484 |  |  | 173 |  |  | 183 |  |  | 840 |
Interest income | 343 |  |  | 26 |  |  | — |  |  | 369 |
Interest expense | (224) |  |  | (28) |  |  | (126) |  |  | (378) |
Other income, net | — |  |  | — |  |  | 44 |  |  | 44 |
Total other income (expenses), net | 119 |  |  | (2) |  |  | (82) |  |  | 35 |
Income (loss) before income tax expense (benefit) | $ | 698 |  |  | $ | 90 |  |  | $ | (203) |  |  | $ | 585 |
Depreciation and amortization for property and equipment and intangible assets | $ | 9 |  |  | $ | 6 |  |  | $ | 13 |  |  | $ | 28 |
Total assets | $ | 10,916 |  |  | $ | 868 |  |  | $ | 1,643 |  |  | $ | 13,427 |

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- Definition The entire disclosure for reporting segments including data and tables. 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