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SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Summary of Financial Performance and Results by Segment

The following table presents the financial performance and results by segment for the three months ended March 31, 2024:

(in thousands)			Origination						Servicing						Total Segments						All Other						Total
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, net			3,230						—						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 revenue			137,922						97,440						235,362						(3,580)						231,782
Expenses
Salaries, incentive compensation and benefits			121,105						8,145						129,250						10,817						140,067
General and administrative			20,548						3,862						24,410						4,801						29,211
Occupancy, equipment and communication			16,935						966						17,901						1,914						19,815
Depreciation and amortization			3,491						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)			Origination						Servicing						Total Segments						All Other						Total
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 revenue			93,574						13,053						106,627						(2,742)						103,885
Expenses
Salaries, incentive compensation and benefits			93,257						7,574						100,831						10,289						111,120
General and administrative			14,494						2,880						17,374						3,509						20,883
Occupancy, equipment and communication			15,174						1,258						16,432						998						17,430
Depreciation and amortization			3,399						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)

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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

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- References

No definition available.

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