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SEGMENTS (Tables)

9 Months Ended

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

X

- 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

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- References

No definition available.

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