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SEGMENTS
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
ASC 280, Segment Reporting, establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in that guidance, the Company has determined that it has two reportable segments — Origination and Servicing.
Origination — The Company operates its loan origination business throughout the United States. Its licensed sales professionals and support staff cultivate deep relationships with referral partners and clients and
provide a customized approach to the loan transaction whether it is a purchase or refinance. The origination segment is primarily responsible for loan origination, acquisition and sale activities.
Servicing — The Company services loans out of its corporate office in San Diego, California. Properties of the loans serviced by the Company are disbursed throughout the United States and as of March 31, 2024 the Company serviced at least one loan in 49 different states. The servicing segment provides a steady stream of cash flow to support the origination segment, and more importantly it allows for the Company to build long-standing client relationships that drive repeat and referral business back to the origination segment to recapture the client’s next mortgage transaction. The servicing segment is primarily responsible for the servicing activities of all loans in the Company’s servicing portfolio, which includes, but is not limited to, collection and remittance of loan payments, managing borrower’s impound accounts for taxes and insurance, loan payoffs, loss mitigation and foreclosure activities.
The Company does not allocate assets to its reportable segments as they are not included in the review performed by the CODM for purposes of assessing segment performance and allocating resources. The balance sheet is managed on a consolidated basis and is not used in the context of segment reporting. The Company also does not allocate certain corporate expenses, which are represented by All Other in the tables below.
The following table presents the financial performance and results by segment for the three months ended March 31, 2024:
(in thousands)
OriginationServicingTotal
Segments		All OtherTotal
Revenue
Loan origination fees and gain on sale of loans, net$133,664 $396 $134,060 $— $134,060 
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net3,230 — 3,230 — 3,230 
Loan servicing and other fees— 65,788 65,788 — 65,788 
Valuation adjustment of mortgage servicing rights— 20,778 20,778 — 20,778 
Interest income (expense), net
664 10,456 11,120 (2,933)8,187 
Other income (expense), net
364 22 386 (647)(261)
Net revenue137,922 97,440 235,362 (3,580)231,782 
Expenses
Salaries, incentive compensation and benefits121,105 8,145 129,250 10,817 140,067 
General and administrative20,548 3,862 24,410 4,801 29,211 
Occupancy, equipment and communication16,935 966 17,901 1,914 19,815 
Depreciation and amortization3,491 141 3,632 122 3,754 
Provision for foreclosure losses— 392 392 — 392 
Total expenses
162,079 13,506 175,585 17,654 193,239 
Income tax expense
— — — 10,143 10,143 
Net (loss) income
$(24,157)$83,934 $59,777 $(31,377)$28,400 
The following table presents the financial performance and results by segment for the three months ended March 31, 2023:
(in thousands)
OriginationServicingTotal
Segments		All OtherTotal
Revenue
Loan origination fees and gain on sale of loans, net$92,276 $375 $92,651 $— $92,651 
Loan servicing and other fees— 60,087 60,087 — 60,087 
Valuation adjustment of mortgage servicing rights— (54,871)(54,871)— (54,871)
Interest income (expense), net
1,300 7,410 8,710 (2,727)5,983 
Other (expense) income, net
(2)52 50 (15)35 
Net revenue93,574 13,053 106,627 (2,742)103,885 
Expenses
Salaries, incentive compensation and benefits93,257 7,574 100,831 10,289 111,120 
General and administrative14,494 2,880 17,374 3,509 20,883 
Occupancy, equipment and communication15,174 1,258 16,432 998 17,430 
Depreciation and amortization3,399 142 3,541 197 3,738 
Provision for foreclosure losses— 1,514 1,514 — 1,514 
Total expenses
126,324 13,368 139,692 14,993 154,685 
Income tax benefit
— — — (13,605)(13,605)
Net loss
$(32,750)$(315)$(33,065)$(4,130)$(37,195)