XML 37 R23.htm IDEA: XBRL DOCUMENT
v3.25.2

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | 16. Segment Information The Company’s segments reflect the internal reporting used to evaluate operating performance and are based upon the Company’s organizational structure, which focuses primarily on the services offered. The Company’s operations are primarily conducted through two segments: Servicing and Originations. A brief description of the 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 customer payments, investor reporting, customer service, modifying loans where appropriate to help customers stay current, and when necessary performing collections, foreclosures, and the sale of REO. In the fourth quarter of 2024, the Company expanded its servicing and subservicing portfolio with the acquisition and subsequent integration of the mortgage operations from the Flagstar transaction. Originations: This segment originates residential mortgage loans through its direct-to-consumer channel, which provides refinance options for its existing customers, and through its correspondent channel, which purchases or originates loans from mortgage bankers. Corporate/Other: Corporate/Other includes the results of Xome’s and Roosevelt Management Company’s operations, the Company’s unallocated overhead expenses (which include the costs of executive management and other corporate functions that are not directly attributable to our operating segments), changes in equity investments and interest expense on our unsecured senior notes. In addition, Corporate/Other includes eliminations related to intersegment hedge fair value changes. 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 tables below summarize the result of operations and total assets by segment that are provided to the Chief Operating Decision Makers (CODMs), which consists of the Chief Executive Officer, the President and the Chief Financial Officer. Pretax income (loss) is a key measurement used by the CODMs to evaluate segment results and is one of the factors considered in determining capital allocation among the segments and determined in accordance with the measurement principles used in the consolidated financial statements.
| Three Months Ended June 30, 2025
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 426 |  |  | $ | 30 |  |  | $ | 16 |  |  | $ | 472 |
Net gain on mortgage loans held for sale | 8 |  |  | 128 |  |  | — |  |  | 136 |
Total revenues | 434 |  |  | 158 |  |  | 16 |  |  | 608 |
Expenses |  |  |  |  |  |  |
Salaries, wages and benefits | 89 |  |  | 56 |  |  | 46 |  |  | 191 |
General and administrative | 59 |  |  | 44 |  |  | 36 |  |  | 139 |
Total expenses | 148 |  |  | 100 |  |  | 82 |  |  | 330 |
Interest income | 184 |  |  | 33 |  |  | — |  |  | 217 |
Interest expense | (106) |  |  | (30) |  |  | (81) |  |  | (217) |
Other income (expenses), net | — |  |  | 3 |  |  | (4) |  |  | (1) |
Total other income (expenses), net | 78 |  |  | 6 |  |  | (85) |  |  | (1) |
Income (loss) before income tax expense (benefit) | $ | 364 |  |  | $ | 64 |  |  | $ | (151) |  |  | $ | 277 |
Depreciation and amortization for property and equipment and intangible assets | $ | 7 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 11 |
Total assets | $ | 14,412 |  |  | $ | 2,481 |  |  | $ | 1,606 |  |  | $ | 18,499 |
| Three Months Ended June 30, 2024
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 446 |  |  | $ | 19 |  |  | $ | 20 |  |  | $ | 485 |
Net gain on mortgage loans held for sale | 10 |  |  | 88 |  |  | — |  |  | 98 |
Total revenues | 456 |  |  | 107 |  |  | 20 |  |  | 583 |
Expenses |  |  |  |  |  |  |
Salaries, wages and benefits | 84 |  |  | 40 |  |  | 44 |  |  | 168 |
General and administrative | 87 |  |  | 29 |  |  | 16 |  |  | 132 |
Total expenses | 171 |  |  | 69 |  |  | 60 |  |  | 300 |
Interest income | 174 |  |  | 15 |  |  | — |  |  | 189 |
Interest expense | (105) |  |  | (15) |  |  | (67) |  |  | (187) |
Other expense, net | — |  |  | — |  |  | (8) |  |  | (8) |
Total other income (expenses), net | 69 |  |  | — |  |  | (75) |  |  | (6) |
Income (loss) before income tax expense (benefit) | $ | 354 |  |  | $ | 38 |  |  | $ | (115) |  |  | $ | 277 |
Depreciation and amortization for property and equipment and intangible assets | $ | 2 |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | 8 |
Total assets | $ | 12,759 |  |  | $ | 1,398 |  |  | $ | 1,626 |  |  | $ | 15,783 |
| Six Months Ended June 30, 2025
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 823 |  |  | $ | 56 |  |  | $ | 33 |  |  | $ | 912 |
Net gain on mortgage loans held for sale | 14 |  |  | 242 |  |  | — |  |  | 256 |
Total revenues | 837 |  |  | 298 |  |  | 33 |  |  | 1,168 |
Expenses |  |  |  |  |  |  |
Salaries, wages and benefits | 179 |  |  | 108 |  |  | 97 |  |  | 384 |
General and administrative | 209 |  |  | 87 |  |  | 80 |  |  | 376 |
Total expenses | 388 |  |  | 195 |  |  | 177 |  |  | 760 |
Interest income | 341 |  |  | 62 |  |  | 3 |  |  | 406 |
Interest expense | (212) |  |  | (56) |  |  | (162) |  |  | (430) |
Other expenses, net | — |  |  | — |  |  | (12) |  |  | (12) |
Total other income (expenses), net | 129 |  |  | 6 |  |  | (171) |  |  | (36) |
Income (loss) before income tax expense (benefit) | $ | 578 |  |  | $ | 109 |  |  | $ | (315) |  |  | $ | 372 |
Depreciation and amortization for property and equipment and intangible assets | $ | 21 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 29 |
Total assets | $ | 14,412 |  |  | $ | 2,481 |  |  | $ | 1,606 |  |  | $ | 18,499 |
| Six Months Ended June 30, 2024
Financial Information by Segment | Servicing |  | Originations |  | Corporate/Other |  | Consolidated
Revenues |  |  |  |  |  |  |
Service related, net | $ | 886 |  |  | $ | 35 |  |  | $ | 42 |  |  | $ | 963 |
Net gain on mortgage loans held for sale | 20 |  |  | 164 |  |  | — |  |  | 184 |
Total revenues | 906 |  |  | 199 |  |  | 42 |  |  | 1,147 |
Expenses |  |  |  |  |  |  |
Salaries, wages and benefits | 169 |  |  | 74 |  |  | 84 |  |  | 327 |
General and administrative | 187 |  |  | 57 |  |  | 46 |  |  | 290 |
Total expenses | 356 |  |  | 131 |  |  | 130 |  |  | 617 |
Interest income | 320 |  |  | 27 |  |  | — |  |  | 347 |
Interest expense | (203) |  |  | (25) |  |  | (129) |  |  | (357) |
Other expense, net | — |  |  | — |  |  | (11) |  |  | (11) |
Total other income (expenses), net | 117 |  |  | 2 |  |  | (140) |  |  | (21) |
Income (loss) before income tax expense (benefit) | $ | 667 |  |  | $ | 70 |  |  | $ | (228) |  |  | $ | 509 |
Depreciation and amortization for property and equipment and intangible assets | $ | 5 |  |  | $ | 2 |  |  | $ | 9 |  |  | $ | 16 |
Total assets | $ | 12,759 |  |  | $ | 1,398 |  |  | $ | 1,626 |  |  | $ | 15,783 |

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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -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 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: 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 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: 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 22: 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 23: 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 24: 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 25: 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration