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SEGMENTS (Tables)

6 Months Ended

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)

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 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: 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 3: 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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X

- References

No definition available.

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