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v3.23.3

SEGMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Financial Performance and Results by Segment | The following table presents the financial performance and results by segment for the three months ended September 30, 2023:
| Origination |  | Servicing |  | Total Segments |  | All Other |  | Total
Revenue |  |  |  |  |  |  |  |  |
Loan origination fees and gain on sale of loans, net | $ | 158,812 |  |  | $ | (686) |  |  | $ | 158,126 |  |  | $ | — |  |  | $ | 158,126 |
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net | 2,755 |  |  | — |  |  | 2,755 |  |  | — |  |  | 2,755 |
Loan servicing and other fees | — |  |  | 61,941 |  |  | 61,941 |  |  | — |  |  | 61,941 |
Valuation adjustment of mortgage servicing rights | — |  |  | 22,077 |  |  | 22,077 |  |  | — |  |  | 22,077 |
Interest income (expense) | 1,388 |  |  | 13,208 |  |  | 14,596 |  |  | (2,642) |  |  | 11,954 |
Other income, net | 341 |  |  | 49 |  |  | 390 |  |  | 14 |  |  | 404 |
Net revenue | 163,296 |  |  | 96,589 |  |  | 259,885 |  |  | (2,628) |  |  | 257,257 |
Expenses |  |  |  |  |  |  |  |  |
Salaries, incentive compensation and benefits | 123,978 |  |  | 8,104 |  |  | 132,082 |  |  | 10,555 |  |  | 142,637 |
General and administrative | 12,696 |  |  | 2,953 |  |  | 15,649 |  |  | 3,160 |  |  | 18,809 |
Occupancy, equipment and communication | 15,995 |  |  | 1,406 |  |  | 17,401 |  |  | 1,135 |  |  | 18,536 |
Depreciation and amortization | 3,435 |  |  | 17 |  |  | 3,452 |  |  | 212 |  |  | 3,664 |
Provision for foreclosure losses | — |  |  | 84 |  |  | 84 |  |  | — |  |  | 84 |
Income tax expense | — |  |  | — |  |  | — |  |  | 19,284 |  |  | 19,284 |
Net income (loss) | $ | 7,192 |  |  | $ | 84,025 |  |  | $ | 91,217 |  |  | $ | (36,974) |  |  | $ | 54,243 |
The following table presents the financial performance and results by segment for the nine months ended September 30, 2023:
| Origination |  | Servicing |  | Total Segments |  | All Other |  | Total
Revenue |  |  |  |  |  |  |  |  |
Loan origination fees and gain on sale of loans, net | $ | 387,587 |  |  | $ | 115 |  |  | $ | 387,702 |  |  | $ | — |  |  | $ | 387,702 |
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net | 5,061 |  |  | — |  |  | 5,061 |  |  | — |  |  | 5,061 |
Loan servicing and other fees | — |  |  | 182,277 |  |  | 182,277 |  |  | (38) |  |  | 182,239 |
Valuation adjustment of mortgage servicing rights | — |  |  | (4,904) |  |  | (4,904) |  |  | — |  |  | (4,904) |
Interest income (expense) | 4,019 |  |  | 30,884 |  |  | 34,903 |  |  | (7,711) |  |  | 27,192 |
Other income, net | 507 |  |  | 150 |  |  | 657 |  |  | 6 |  |  | 663 |
Net revenue | 397,174 |  |  | 208,522 |  |  | 605,696 |  |  | (7,743) |  |  | 597,953 |
Expenses |  |  |  |  |  |  |  |  |
Salaries, incentive compensation and benefits | 344,259 |  |  | 23,173 |  |  | 367,432 |  |  | 31,228 |  |  | 398,660 |
General and administrative | 42,251 |  |  | 8,073 |  |  | 50,324 |  |  | 9,816 |  |  | 60,140 |
Occupancy, equipment and communication | 47,356 |  |  | 3,887 |  |  | 51,243 |  |  | 3,125 |  |  | 54,368 |
Depreciation and amortization | 10,198 |  |  | 377 |  |  | 10,575 |  |  | 488 |  |  | 11,063 |
Provision for foreclosure losses | — |  |  | 554 |  |  | 554 |  |  | — |  |  | 554 |
Income tax expense | — |  |  | — |  |  | — |  |  | 19,184 |  |  | 19,184 |
Net (loss) income | $ | (46,890) |  |  | $ | 172,458 |  |  | $ | 125,568 |  |  | $ | (71,584) |  |  | $ | 53,984 |
The following table presents the financial performance and results by segment for the three months ended September 30, 2022:
| Origination |  | Servicing |  | Total Segments |  | All Other |  | Total
Revenue |  |  |  |  |  |  |  |  |
Loan origination fees and gain on sale of loans, net | $ | 154,319 |  |  | $ | 299 |  |  | $ | 154,618 |  |  | $ | — |  |  | $ | 154,618 |
Loan servicing and other fees | — |  |  | 57,647 |  |  | 57,647 |  |  | — |  |  | 57,647 |
Valuation adjustment of mortgage servicing rights | — |  |  | 41,764 |  |  | 41,764 |  |  | — |  |  | 41,764 |
Interest income (expense) | 4,388 |  |  | 3,392 |  |  | 7,780 |  |  | (1,529) |  |  | 6,251 |
Other income, net | (32) |  |  | 979 |  |  | 947 |  |  | (7) |  |  | 940 |
Net revenue | 158,675 |  |  | 104,081 |  |  | 262,756 |  |  | (1,536) |  |  | 261,220 |
Expenses |  |  |  |  |  |  |  |  |
Salaries, incentive compensation and benefits | 124,909 |  |  | 6,955 |  |  | 131,864 |  |  | 5,508 |  |  | 137,372 |
General and administrative | 13,706 |  |  | 2,420 |  |  | 16,126 |  |  | 3,286 |  |  | 19,412 |
Occupancy, equipment and communication | 15,043 |  |  | 1,202 |  |  | 16,245 |  |  | 1,057 |  |  | 17,302 |
Depreciation and amortization | 3,498 |  |  | 159 |  |  | 3,657 |  |  | 238 |  |  | 3,895 |
Reversal of foreclosure losses | — |  |  | (3,449) |  |  | (3,449) |  |  | — |  |  | (3,449) |
Income tax expense | — |  |  | — |  |  | — |  |  | 9,321 |  |  | 9,321 |
Net income (loss) | $ | 1,519 |  |  | $ | 96,794 |  |  | $ | 98,313 |  |  | $ | (20,946) |  |  | $ | 77,367 |
The following table presents the financial performance and results by segment for the nine months ended September 30, 2022:
| Origination |  | Servicing |  | Total Segments |  | All Other |  | Total
Revenue |  |  |  |  |  |  |  |  |
Loan origination fees and gain on sale of loans, net | $ | 599,285 |  |  | $ | 5,944 |  |  | $ | 605,229 |  |  | $ | — |  |  | $ | 605,229 |
Loan servicing and other fees | — |  |  | 165,419 |  |  | 165,419 |  |  | — |  |  | 165,419 |
Valuation adjustment of mortgage servicing rights | — |  |  | 247,439 |  |  | 247,439 |  |  | — |  |  | 247,439 |
Interest income (expense) | 17,183 |  |  | (1,233) |  |  | 15,950 |  |  | (4,700) |  |  | 11,250 |
Other income, net | (57) |  |  | 1,054 |  |  | 997 |  |  | 185 |  |  | 1,182 |
Net revenue | 616,411 |  |  | 418,623 |  |  | 1,035,034 |  |  | (4,515) |  |  | 1,030,519 |
Expenses |  |  |  |  |  |  |  |  |
Salaries, incentive compensation and benefits | 464,368 |  |  | 21,722 |  |  | 486,090 |  |  | 16,803 |  |  | 502,893 |
General and administrative | 3,455 |  |  | 7,342 |  |  | 10,797 |  |  | 9,356 |  |  | 20,153 |
Occupancy, equipment and communication | 47,645 |  |  | 3,599 |  |  | 51,244 |  |  | 3,343 |  |  | 54,587 |
Depreciation and amortization | 10,374 |  |  | 483 |  |  | 10,857 |  |  | 759 |  |  | 11,616 |
Reversal of foreclosure losses | — |  |  | (1,974) |  |  | (1,974) |  |  | — |  |  | (1,974) |
Income tax expense | — |  |  | — |  |  | — |  |  | 99,615 |  |  | 99,615 |
Net income (loss) | $ | 90,569 |  |  | $ | 387,451 |  |  | $ | 478,020 |  |  | $ | (134,391) |  |  | $ | 343,629 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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