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SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2024:
(in thousands) |  | Origination |  | Servicing |  | Total Segments |  | All Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |
Loan origination fees and gain on sale of loans, net |  | $ | 206,218 |  |  | $ | (370) |  |  | $ | 205,848 |  |  | $ | — |  |  | $ | 205,848 |
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net |  | 2,134 |  |  | — |  |  | 2,134 |  |  | — |  |  | 2,134 |
Loan servicing and other fees |  | — |  |  | 67,709 |  |  | 67,709 |  |  | — |  |  | 67,709 |
Valuation adjustment of mortgage servicing rights |  | — |  |  | 2,134 |  |  | 2,134 |  |  | — |  |  | 2,134 |
Interest (expense) income, net |  | (119) |  |  | 11,910 |  |  | 11,791 |  |  | (4,219) |  |  | 7,572 |
Other income (expense), net |  | 535 |  |  | 45 |  |  | 580 |  |  | (292) |  |  | 288 |
Net revenue |  | 208,768 |  |  | 81,428 |  |  | 290,196 |  |  | (4,511) |  |  | 285,685 |
Expenses |  |  |  |  |  |  |  |  |  |
Salaries, incentive compensation and benefits |  | 169,037 |  |  | 8,518 |  |  | 177,555 |  |  | 11,383 |  |  | 188,938 |
General and administrative |  | 21,798 |  |  | 2,855 |  |  | 24,653 |  |  | 3,745 |  |  | 28,398 |
Occupancy, equipment and communication |  | 17,876 |  |  | 735 |  |  | 18,611 |  |  | 1,737 |  |  | 20,348 |
Depreciation and amortization |  | 3,162 |  |  | 270 |  |  | 3,432 |  |  | 538 |  |  | 3,970 |
Reversal of foreclosure losses |  | — |  |  | (496) |  |  | (496) |  |  | — |  |  | (496) |
Total expenses |  | 211,873 |  |  | 11,882 |  |  | 223,755 |  |  | 17,403 |  |  | 241,158 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | 6,936 |  |  | 6,936 |
Net (loss) income |  | $ | (3,105) |  |  | $ | 69,546 |  |  | $ | 66,441 |  |  | $ | (28,850) |  |  | $ | 37,591 |
The following table presents the financial performance and results by segment for the six months ended June 30, 2024:
(in thousands) |  | Origination |  | Servicing |  | Total Segments |  | All Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |
Loan origination fees and gain on sale of loans, net |  | $ | 339,882 |  |  | $ | 26 |  |  | $ | 339,908 |  |  | $ | — |  |  | $ | 339,908 |
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net |  | 5,364 |  |  | — |  |  | 5,364 |  |  | — |  |  | 5,364 |
Loan servicing and other fees |  | — |  |  | 133,497 |  |  | 133,497 |  |  | — |  |  | 133,497 |
Valuation adjustment of mortgage servicing rights |  | — |  |  | 22,912 |  |  | 22,912 |  |  | — |  |  | 22,912 |
Interest income (expense), net |  | 545 |  |  | 22,366 |  |  | 22,911 |  |  | (7,152) |  |  | 15,759 |
Other income (expense), net |  | 899 |  |  | 67 |  |  | 966 |  |  | (939) |  |  | 27 |
Net revenue |  | 346,690 |  |  | 178,868 |  |  | 525,558 |  |  | (8,091) |  |  | 517,467 |
Expenses |  |  |  |  |  |  |  |  |  |
Salaries, incentive compensation and benefits |  | 290,142 |  |  | 16,663 |  |  | 306,805 |  |  | 22,200 |  |  | 329,005 |
General and administrative |  | 42,346 |  |  | 6,717 |  |  | 49,063 |  |  | 8,546 |  |  | 57,609 |
Occupancy, equipment and communication |  | 34,811 |  |  | 1,701 |  |  | 36,512 |  |  | 3,651 |  |  | 40,163 |
Depreciation and amortization |  | 6,653 |  |  | 411 |  |  | 7,064 |  |  | 660 |  |  | 7,724 |
Reversal of foreclosure losses |  | — |  |  | (104) |  |  | (104) |  |  | — |  |  | (104) |
Total expenses |  | 373,952 |  |  | 25,388 |  |  | 399,340 |  |  | 35,057 |  |  | 434,397 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | 17,079 |  |  | 17,079 |
Net (loss) income |  | $ | (27,262) |  |  | $ | 153,480 |  |  | $ | 126,218 |  |  | $ | (60,227) |  |  | $ | 65,991 |
The following table presents the financial performance and results by segment for the three months ended June 30, 2023:
(in thousands) |  | Origination |  | Servicing |  | Total Segments |  | All Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |
Loan origination fees and gain on sale of loans, net |  | $ | 136,499 |  |  | $ | 426 |  |  | $ | 136,925 |  |  | $ | — |  |  | $ | 136,925 |
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net |  | 2,306 |  |  | — |  |  | 2,306 |  |  | — |  |  | 2,306 |
Loan servicing and other fees |  | — |  |  | 60,249 |  |  | 60,249 |  |  | (38) |  |  | 60,211 |
Valuation adjustment of mortgage servicing rights |  | — |  |  | 27,890 |  |  | 27,890 |  |  | — |  |  | 27,890 |
Interest income (expense), net |  | 1,331 |  |  | 10,266 |  |  | 11,597 |  |  | (2,342) |  |  | 9,255 |
Other income, net |  | 168 |  |  | 49 |  |  | 217 |  |  | 7 |  |  | 224 |
Net revenue |  | 140,304 |  |  | 98,880 |  |  | 239,184 |  |  | (2,373) |  |  | 236,811 |
Expenses |  |  |  |  |  |  |  |  |  |
Salaries, incentive compensation and benefits |  | 127,024 |  |  | 7,495 |  |  | 134,519 |  |  | 10,384 |  |  | 144,903 |
General and administrative |  | 15,061 |  |  | 2,240 |  |  | 17,301 |  |  | 3,147 |  |  | 20,448 |
Occupancy, equipment and communication |  | 16,187 |  |  | 1,223 |  |  | 17,410 |  |  | 992 |  |  | 18,402 |
Depreciation and amortization |  | 3,364 |  |  | 218 |  |  | 3,582 |  |  | 79 |  |  | 3,661 |
Reversal of foreclosure losses |  | — |  |  | (1,044) |  |  | (1,044) |  |  | — |  |  | (1,044) |
Total expenses |  | 161,636 |  |  | 10,132 |  |  | 171,768 |  |  | 14,602 |  |  | 186,370 |
Income tax expense |  | — |  |  | — |  |  | — |  |  | 13,505 |  |  | 13,505 |
Net (loss) income |  | $ | (21,332) |  |  | $ | 88,748 |  |  | $ | 67,416 |  |  | $ | (30,480) |  |  | $ | 36,936 |
The following table presents the financial performance and results by segment for the six months ended June 30, 2023:
(in thousands) |  | Origination |  | Servicing |  | Total Segments |  | All Other |  | Total
Revenue |  |  |  |  |  |  |  |  |  |
Loan origination fees and gain on sale of loans, net |  | $ | 228,775 |  |  | $ | 801 |  |  | $ | 229,576 |  |  | $ | — |  |  | $ | 229,576 |
Gain on reverse mortgage loans held for investment and HMBS-related borrowings, net |  | 2,306 |  |  | — |  |  | 2,306 |  |  | — |  |  | 2,306 |
Loan servicing and other fees |  | — |  |  | 120,336 |  |  | 120,336 |  |  | (38) |  |  | 120,298 |
Valuation adjustment of mortgage servicing rights |  | — |  |  | (26,981) |  |  | (26,981) |  |  | — |  |  | (26,981) |
Interest income (expense), net |  | 2,631 |  |  | 17,676 |  |  | 20,307 |  |  | (5,069) |  |  | 15,238 |
Other income (expense), net |  | 166 |  |  | 101 |  |  | 267 |  |  | (8) |  |  | 259 |
Net revenue |  | 233,878 |  |  | 111,933 |  |  | 345,811 |  |  | (5,115) |  |  | 340,696 |
Expenses |  |  |  |  |  |  |  |  |  |
Salaries, incentive compensation and benefits |  | 220,281 |  |  | 15,069 |  |  | 235,350 |  |  | 20,673 |  |  | 256,023 |
General and administrative |  | 29,555 |  |  | 5,120 |  |  | 34,675 |  |  | 6,656 |  |  | 41,331 |
Occupancy, equipment and communication |  | 31,361 |  |  | 2,481 |  |  | 33,842 |  |  | 1,990 |  |  | 35,832 |
Depreciation and amortization |  | 6,763 |  |  | 360 |  |  | 7,123 |  |  | 276 |  |  | 7,399 |
Provision for foreclosure losses |  | — |  |  | 470 |  |  | 470 |  |  | — |  |  | 470 |
Total expenses |  | 287,960 |  |  | 23,500 |  |  | 311,460 |  |  | 29,595 |  |  | 341,055 |
Income tax benefit |  | — |  |  | — |  |  | — |  |  | (100) |  |  | (100) |
Net (loss) income |  | $ | (54,082) |  |  | $ | 88,433 |  |  | $ | 34,351 |  |  | $ | (34,610) |  |  | $ | (259) |

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