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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2019
Segment Information |
Schedule of statement of income and balance sheet by segment |
|  | Year Ended December 31, 2019
|  | Structured |  | Agency |  | Other / |  |
|  | Business |  | Business |  | Eliminations (1) |  | Consolidated
Interest income |  | $ | 289,841 |  | $ | 26,099 |  | $ | — |  | $ | 315,940
Interest expense |  |  | 169,802 |  |  | 16,597 |  |  | — |  |  | 186,399
Net interest income |  |  | 120,039 |  |  | 9,502 |  |  | — |  |  | 129,541
Other revenue: |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales, including fee-based services, net |  |  | — |  |  | 65,652 |  |  | — |  |  | 65,652
Mortgage servicing rights |  |  | — |  |  | 90,761 |  |  | — |  |  | 90,761
Servicing revenue |  |  | — |  |  | 103,223 |  |  | — |  |  | 103,223
Amortization of MSRs |  |  | — |  |  | (48,681) |  |  | — |  |  | (48,681)
Property operating income |  |  | 9,674 |  |  | — |  |  | — |  |  | 9,674
Other income, net |  |  | 903 |  |  | (1,687) |  |  | — |  |  | (784)
Total other revenue |  |  | 10,577 |  |  | 209,268 |  |  | — |  |  | 219,845
Other expenses: |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  |  | 31,264 |  |  | 90,838 |  |  | — |  |  | 122,102
Selling and administrative |  |  | 18,099 |  |  | 22,230 |  |  | — |  |  | 40,329
Property operating expenses |  |  | 10,220 |  |  | — |  |  | — |  |  | 10,220
Depreciation and amortization |  |  | 2,046 |  |  | 5,464 |  |  | — |  |  | 7,510
Impairment loss on real estate owned |  |  | 1,000 |  |  | — |  |  | — |  |  | 1,000
Provision for loss sharing (net of recoveries) |  |  | — |  |  | 1,147 |  |  | — |  |  | 1,147
Total other expenses |  |  | 62,629 |  |  | 119,679 |  |  | — |  |  | 182,308
Income before extinguishment of debt, income from equity affiliates and income taxes |  |  | 67,987 |  |  | 99,090 |  |  | — |  |  | 167,078
Loss on extinguishment of debt |  |  | (7,439) |  |  | — |  |  | — |  |  | (7,439)
Income from equity affiliates |  |  | 10,635 |  |  | — |  |  | — |  |  | 10,635
Provision for income taxes |  |  | (668) |  |  | (14,368) |  |  | — |  |  | (15,036)
Net income |  |  | 70,515 |  |  | 84,722 |  |  | — |  |  | 155,238
Preferred stock dividends |  |  | 7,554 |  |  | — |  |  | — |  |  | 7,554
Net income attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 26,610 |  |  | 26,610
Net income attributable to common stockholders |  | $ | 62,961 |  | $ | 84,722 |  | $ | (26,610) |  | $ | 121,074
|  | Year Ended December 31, 2018
|  | Structured |  | Agency |  | Other / |  |
|  | Business |  | Business |  | Eliminations (1) |  | Consolidated
Interest income |  | $ | 226,750 |  | $ | 25,018 |  | $ | — |  | $ | 251,768
Interest expense |  |  | 137,719 |  |  | 15,770 |  |  | 329 |  |  | 153,818
Net interest income |  |  | 89,031 |  |  | 9,248 |  |  | (329) |  |  | 97,950
Other revenue: |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales, including fee-based services, net |  |  | — |  |  | 70,002 |  |  | — |  |  | 70,002
Mortgage servicing rights |  |  | — |  |  | 98,839 |  |  | — |  |  | 98,839
Servicing revenue |  |  | — |  |  | 94,158 |  |  | — |  |  | 94,158
Amortization of MSRs |  |  | — |  |  | (48,124) |  |  | — |  |  | (48,124)
Property operating income |  |  | 10,095 |  |  | — |  |  | — |  |  | 10,095
Other income, net |  |  | 1,490 |  |  | 6,671 |  |  | — |  |  | 8,161
Total other revenue |  |  | 11,585 |  |  | 221,546 |  |  | — |  |  | 233,131
Other expenses: |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  |  | 27,456 |  |  | 83,014 |  |  | — |  |  | 110,470
Selling and administrative |  |  | 15,642 |  |  | 21,432 |  |  | — |  |  | 37,074
Property operating expenses |  |  | 10,431 |  |  | — |  |  | — |  |  | 10,431
Depreciation and amortization |  |  | 1,851 |  |  | 5,602 |  |  | — |  |  | 7,453
Impairment loss on real estae owned |  |  | 2,000 |  |  | — |  |  | — |  |  | 2,000
Provision for loss sharing (net of recoveries) |  |  | — |  |  | 3,843 |  |  | — |  |  | 3,843
Provision for loan losses (net of recoveries) |  |  | 8,353 |  |  | — |  |  | — |  |  | 8,353
Litigation settlement gain |  |  | (10,170) |  |  | — |  |  | — |  |  | (10,170)
Total other expenses |  |  | 55,563 |  |  | 113,891 |  |  | — |  |  | 169,454
Income before extinguishment of debt, income from equity affiliates and income taxes |  |  | 45,053 |  |  | 116,903 |  |  | (329) |  |  | 161,627
Loss on extinguishment of debt |  |  | (5,041) |  |  | — |  |  | — |  |  | (5,041)
Income from equity affiliates |  |  | 1,196 |  |  | — |  |  | — |  |  | 1,196
Benefit from (provision for) income taxes |  |  | 774 |  |  | (10,505) |  |  | — |  |  | (9,731)
Net income |  |  | 41,982 |  |  | 106,398 |  |  | (329) |  |  | 148,051
Preferred stock dividends |  |  | 7,554 |  |  | — |  |  | — |  |  | 7,554
Net income attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 32,185 |  |  | 32,185
Net income attributable to common stockholders |  | $ | 34,428 |  | $ | 106,398 |  | $ | (32,514) |  | $ | 108,312
|  | Year Ended December 31, 2017
|  | Structured |  | Agency |  | Other / |  |
|  | Business |  | Business |  | Eliminations (1) |  | Consolidated
Interest income |  | $ | 136,526 |  | $ | 19,651 |  | $ | — |  | $ | 156,177
Interest expense |  |  | 74,136 |  |  | 12,089 |  |  | 3,847 |  |  | 90,072
Net interest income |  |  | 62,390 |  |  | 7,562 |  |  | (3,847) |  |  | 66,105
Other revenue: |  |  |  |  |  |  |  |  |  |  |  |
Gain on sales, including fee-based services, net |  |  | — |  |  | 72,799 |  |  | — |  |  | 72,799
Mortgage servicing rights |  |  | — |  |  | 76,820 |  |  | — |  |  | 76,820
Servicing revenue |  |  | — |  |  | 76,412 |  |  | — |  |  | 76,412
Amortization of MSRs |  |  | — |  |  | (47,202) |  |  | — |  |  | (47,202)
Property operating income |  |  | 10,973 |  |  | — |  |  | — |  |  | 10,973
Other income, net |  |  | 2,083 |  |  | (1,398) |  |  | — |  |  | 685
Total other revenue |  |  | 13,056 |  |  | 177,431 |  |  | — |  |  | 190,487
Other expenses: |  |  |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  |  | 19,555 |  |  | 72,571 |  |  | — |  |  | 92,126
Selling and administrative |  |  | 11,765 |  |  | 18,973 |  |  | — |  |  | 30,738
Property operating expenses |  |  | 10,482 |  |  | — |  |  | — |  |  | 10,482
Depreciation and amortization |  |  | 1,784 |  |  | 5,601 |  |  | — |  |  | 7,385
Impairment loss on real estate owned |  |  | 3,200 |  |  | — |  |  | — |  |  | 3,200
Provision for loss sharing (net of recoveries) |  |  | — |  |  | (259) |  |  | — |  |  | (259)
Provision for loan losses (net of recoveries) |  |  | (456) |  |  | — |  |  | — |  |  | (456)
Management fee-related party |  |  | 3,259 |  |  | 3,414 |  |  | — |  |  | 6,673
Total other expenses |  |  | 49,589 |  |  | 100,300 |  |  | — |  |  | 149,889
Income before extinguishment of debt, loss from equity affiliates |  |  |  |  |  |  |  |  |  |  |  |
and income taxes |  |  | 25,857 |  |  | 84,693 |  |  | (3,847) |  |  | 106,703
Gain on extinguishment of debt |  |  | 7,116 |  |  | — |  |  | — |  |  | 7,116
Loss from equity affiliates |  |  | (2,951) |  |  | — |  |  | — |  |  | (2,951)
Provision for income taxes |  |  | (957) |  |  | (12,402) |  |  | — |  |  | (13,359)
Net income |  |  | 29,065 |  |  | 72,291 |  |  | (3,847) |  |  | 97,509
Preferred stock dividends |  |  | 7,554 |  |  | — |  |  | — |  |  | 7,554
Net income attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 24,120 |  |  | 24,120
Net income attributable to common stockholders |  | $ | 21,511 |  | $ | 72,291 |  | $ | (27,967) |  | $ | 65,835
(1) Includes certain corporate expenses not allocated to the two reportable segments, such as financing costs associated with the Acquisition, as well as income allocated to the noncontrolling interest holders.
|  | December 31, 2019
|  | Structured Business |  | Agency Business |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 264,468 |  | $ | 35,219 |  | $ | 299,687
Restricted cash |  |  | 208,926 |  |  | 1,949 |  |  | 210,875
Loans and investments, net |  |  | 4,189,960 |  |  | — |  |  | 4,189,960
Loans held-for-sale, net |  |  | — |  |  | 861,360 |  |  | 861,360
Capitalized mortgage servicing rights, net |  |  | — |  |  | 286,420 |  |  | 286,420
Securities held-to-maturity, net |  |  | 20,000 |  |  | 68,699 |  |  | 88,699
Investments in equity affiliates |  |  | 41,800 |  |  | — |  |  | 41,800
Goodwill and other intangible assets |  |  | 12,500 |  |  | 98,200 |  |  | 110,700
Other assets |  |  | 118,175 |  |  | 31,484 |  |  | 149,659
Total assets |  | $ | 4,855,829 |  | $ | 1,383,331 |  | $ | 6,239,160
Liabilities: |  |  |  |  |  |  |  |  |
Debt obligations |  | $ | 3,878,343 |  | $ | 743,595 |  | $ | 4,621,938
Allowance for loss-sharing obligations |  |  | — |  |  | 34,648 |  |  | 34,648
Other liabilities |  |  | 171,004 |  |  | 55,543 |  |  | 226,547
Total liabilities |  | $ | 4,049,347 |  | $ | 833,786 |  | $ | 4,883,133
|  | December 31, 2018
|  | Structured Business |  | Agency Business |  | Consolidated
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 89,457 |  | $ | 70,606 |  | $ | 160,063
Restricted cash |  |  | 180,606 |  |  | — |  |  | 180,606
Loans and investments, net |  |  | 3,200,145 |  |  | — |  |  | 3,200,145
Loans held-for-sale, net |  |  | — |  |  | 481,664 |  |  | 481,664
Capitalized mortgage servicing rights, net |  |  | — |  |  | 273,770 |  |  | 273,770
Securities held- to- maturity, net |  |  | — |  |  | 76,363 |  |  | 76,363
Investments in equity affiliates |  |  | 21,580 |  |  | — |  |  | 21,580
Goodwill and other intangible assets |  |  | 12,500 |  |  | 103,665 |  |  | 116,165
Other assets |  |  | 81,494 |  |  | 20,325 |  |  | 101,819
Total assets |  | $ | 3,585,782 |  | $ | 1,026,393 |  | $ | 4,612,175
Liabilities: |  |  |  |  |  |  |  |  |
Debt obligations |  | $ | 2,842,688 |  | $ | 472,181 |  | $ | 3,314,869
Allowance for loss-sharing obligations |  |  | — |  |  | 34,298 |  |  | 34,298
Other liabilities |  |  | 159,413 |  |  | 38,029 |  |  | 197,442
Total liabilities |  | $ | 3,002,101 |  | $ | 544,508 |  | $ | 3,546,609
Schedule of origination data and loan sales data |
|  | Year Ended December 31, |
|  | 2019 |  | 2018 |  | 2017 |
Origination Data: |  |  |  |  |  |  |  |  |  |
Structured Business |  |  |  |  |  |  |  |  |  |
New loan originations |  | $ | 2,803,251 |  | $ | 1,656,020 |  | $ | 1,842,974 |
Loan payoffs / paydowns |  |  | 1,748,387 |  |  | 955,575 |  |  | 924,120 |
Agency Business |  |  |  |  |  |  |  |  |  |
Origination Volumes by Investor: |  |  |  |  |  |  |  |  |  |
Fannie Mae |  | $ | 3,346,272 |  | $ | 3,332,100 |  | $ | 2,929,481 |
Freddie Mac |  |  | 728,317 |  |  | 1,587,958 |  |  | 1,322,498 |
FHA |  |  | 123,095 |  |  | 153,523 |  |  | 189,087 |
CMBS/Conduit |  |  | 211,325 |  |  | 50,908 |  |  | 21,370 |
Private Label |  |  | 401,216 |  |  | — |  |  | — |
Total |  | $ | 4,810,225 |  | $ | 5,124,489 |  | $ | 4,462,436 |
Total loan commitment volume |  | $ | 4,829,721 |  | $ | 5,104,072 |  | $ | 4,344,328 |
Loan Sales Data: |  |  |  |  |  |  |  |  |  |
Agency Business |  |  |  |  |  |  |  |  |  |
Fannie Mae |  | $ | 3,296,523 |  | $ | 3,217,006 |  | $ | 3,223,953 |
Freddie Mac |  |  | 786,993 |  |  | 1,540,483 |  |  | 1,399,029 |
FHA |  |  | 106,271 |  |  | 115,747 |  |  | 170,554 |
CMBS/Conduit |  |  | 211,325 |  |  | 50,908 |  |  | 21,370 |
Total |  | $ | 4,401,112 |  | $ | 4,924,144 |  | $ | 4,814,906 |
Sales margin (fee-based services as a % of loan sales) |  |  | 1.49 | % |  | 1.42 | % |  | 1.51 | %
MSR rate (MSR income as a % of loan commitments) |  |  | 1.88 | % |  | 1.94 | % |  | 1.77 | %
Schedule of key servicing metrics for Agency Business |
|  | December 31, 2019
|  |  |  |  |  |  | Wtd. Avg. Life of
|  | UPB of Servicing |  | Wtd. Avg. Servicing |  | Servicing Portfolio
Key Servicing Metrics for Agency Business: |  | Portfolio |  | Fee Rate (basis points) |  | (in years)
Fannie Mae |  | $ | 14,832,844 |  | 49.3 |  |  | 7.8
Freddie Mac |  |  | 4,534,714 |  | 30.0 |  |  | 10.6
FHA |  |  | 691,519 |  | 15.4 |  |  | 18.7
Total |  | $ | 20,059,077 |  | 43.8 |  |  | 8.8
|  | December 31, 2018
Fannie Mae |  | $ | 13,562,667 |  | 51.3 |  |  | 7.4
Freddie Mac |  |  | 4,394,287 |  | 30.8 |  |  | 10.8
FHA |  |  | 644,687 |  | 15.5 |  |  | 19.6
Total |  | $ | 18,601,641 |  | 45.2 |  |  | 8.6

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