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Operating Expenses (Tables)
3 Months Ended
Mar. 31, 2018
Other Income and Expenses [Abstract]  
Components of Operating Expenses
Components of our operating expenses for the three months ended March 31, 2018 and 2017 are presented in the following table.
Table 19.1 – Components of Operating Expenses
 
 
Three Months Ended March 31,
(In Thousands)
 
2018
 
2017
Fixed compensation expense
 
$
6,439

 
$
6,002

Variable compensation expense
 
6,907

 
3,933

Equity compensation expense
 
2,697

 
2,176

Total compensation expense
 
16,043

 
12,111

Systems and consulting
 
1,866

 
1,638

Loan acquisition costs (1)
 
1,818

 
1,205

Office costs
 
1,140

 
1,103

Accounting and legal
 
834

 
926

Corporate costs
 
504

 
440

Other operating expenses
 
825

 
803

Total Operating Expenses
 
$
23,030

 
$
18,226

(1)
Loan acquisition costs primarily includes underwriting and due diligence costs related to the acquisition of residential loans held-for-sale at fair value.