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Business Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2014
Segment Reporting Information [Line Items] |
Schedule of Segment Reporting Information | Financial information for our segments is as follows:
| Servicing |  | Lending |  | Corporate Items and Other |  | Corporate Eliminations |  | Business Segments Consolidated
Results of Operations |  |  |  |  |  |  |  |  |
Three months ended September 30, 2014 |  |  |  |  |  |  |  |  |
Revenue | $ | 485,303 |  |  | $ | 26,877 |  |  | $ | 1,557 |  |  | $ | (39 | ) |  | $ | 513,698 |
Operating expenses (1) | 313,964 |  |  | 22,632 |  |  | 118,482 |  |  | (39 | ) |  | 455,039 |
Income (loss) from operations | 171,339 |  |  | 4,245 |  |  | (116,925 | ) |  | — |  |  | 58,659 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 903 |  |  | 4,825 |  |  | 865 |  |  | — |  |  | 6,593 |
Interest expense | (124,106 | ) |  | (2,601 | ) |  | (6,342 | ) |  | — |  |  | (133,049 | )
Other | (3,618 | ) |  | 139 |  |  | (990 | ) |  | — |  |  | (4,469 | )
Other income (expense), net | (126,821 | ) |  | 2,363 |  |  | (6,467 | ) |  | — |  |  | (130,925 | )
Income (loss) before income taxes | $ | 44,518 |  |  | $ | 6,608 |  |  | $ | (123,392 | ) |  | $ | — |  |  | $ | (72,266 | )
Three months ended September 30, 2013 |  |  |  |  |  |  |  |  |
Revenue | $ | 496,302 |  |  | $ | 33,539 |  |  | $ | 1,801 |  |  | $ | (402 | ) |  | $ | 531,240 |
Operating expenses (1) | 305,654 |  |  | 29,504 |  |  | 11,143 |  |  | (41 | ) |  | 346,260 |
Income (loss) from operations | 190,648 |  |  | 4,035 |  |  | (9,342 | ) |  | (361 | ) |  | 184,980 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 859 |  |  | 3,066 |  |  | 1,454 |  |  | — |  |  | 5,379 |
Interest expense (2) | (113,678 | ) |  | (3,279 | ) |  | 72 |  |  | — |  |  | (116,885 | )
Other | (6,631 | ) |  | 1,843 |  |  | 398 |  |  | 361 |  |  | (4,029 | )
Other income (expense), net | (119,450 | ) |  | 1,630 |  |  | 1,924 |  |  | 361 |  |  | (115,535 | )
Income (loss) before income taxes | $ | 71,198 |  |  | $ | 5,665 |  |  | $ | (7,418 | ) |  | $ | — |  |  | $ | 69,445 |
| Servicing |  | Lending |  | Corporate Items and Other |  | Corporate Eliminations |  | Business Segments Consolidated
Nine months ended September 30, 2014 |  |  |  |  |  |  |  |  |
Revenue | $ | 1,526,606 |  |  | $ | 86,811 |  |  | $ | 4,734 |  |  | $ | (118 | ) |  | $ | 1,618,033 |
Operating expenses (1) | 919,998 |  |  | 81,261 |  |  | 148,555 |  |  | (118 | ) |  | 1,149,696 |
Income (loss) from operations | 606,608 |  |  | 5,550 |  |  | (143,821 | ) |  | — |  |  | 468,337 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 1,805 |  |  | 13,117 |  |  | 2,550 |  |  | — |  |  | 17,472 |
Interest expense | (391,122 | ) |  | (8,271 | ) |  | (9,736 | ) |  | — |  |  | (409,129 | )
Other | (4,622 | ) |  | 3,846 |  |  | 710 |  |  | — |  |  | (66 | )
Other income (expense), net | (393,939 | ) |  | 8,692 |  |  | (6,476 | ) |  | — |  |  | (391,723 | )
Income (loss) before income taxes | $ | 212,669 |  |  | $ | 14,242 |  |  | $ | (150,297 | ) |  | $ | — |  |  | $ | 76,614 |
Nine months ended September 30, 2013 |  |  |  |  |  |  |  |  |
Revenue | $ | 1,381,872 |  |  | $ | 81,180 |  |  | $ | 19,758 |  |  | $ | (492 | ) |  | $ | 1,482,318 |
Operating expenses (1) | 795,645 |  |  | 69,543 |  |  | 95,361 |  |  | (131 | ) |  | 960,418 |
Income (loss) from operations | 586,227 |  |  | 11,637 |  |  | (75,603 | ) |  | (361 | ) |  | 521,900 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest income | 1,382 |  |  | 12,432 |  |  | 3,516 |  |  | — |  |  | 17,330 |
Interest expense (2) | (309,606 | ) |  | (10,108 | ) |  | 150 |  |  | — |  |  | (319,564 | )
Other | (30,961 | ) |  | 6,852 |  |  | 2,977 |  |  | 361 |  |  | (20,771 | )
Other income (expense), net | (339,185 | ) |  | 9,176 |  |  | 6,643 |  |  | 361 |  |  | (323,005 | )
Income (loss) before income taxes | $ | 247,042 |  |  | $ | 20,813 |  |  | $ | (68,960 | ) |  | $ | — |  |  | $ | 198,895 |
| Servicing |  | Lending |  | Corporate Items and Other |  | Corporate Eliminations |  | Business Segments Consolidated
Total Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2014 | $ | 6,059,359 |  |  | $ | 1,706,964 |  |  | $ | 589,317 |  |  | $ | — |  |  | $ | 8,355,640 |
December 31, 2013 | $ | 6,295,976 |  |  | $ | 1,195,812 |  |  | $ | 435,215 |  |  | $ | — |  |  | $ | 7,927,003 |
September 30, 2013 | $ | 4,086,378 |  |  | $ | 704,641 |  |  | $ | 609,236 |  |  | $ | — |  |  | $ | 5,400,255 |
(1) | Depreciation and amortization expense are as follows:
| Servicing |  | Lending |  | Corporate Items and Other |  | Business Segments Consolidated
For the three months ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |
Depreciation expense | $ | 2,636 |  |  | $ | 98 |  |  | $ | 3,022 |  |  | $ | 5,756 |
Amortization of mortgage servicing rights | 60,689 |  |  | 94 |  |  | — |  |  | 60,783 |
Amortization of debt discount | 331 |  |  | — |  |  | 344 |  |  | 675 |
Amortization of debt issuance costs | 1,114 |  |  | — |  |  | — |  |  | 1,114 |
For the three months ended September 30, 2013 |  |  |  |  |  |  |  |  |  |  |
Depreciation expense | $ | 3,589 |  |  | $ | 135 |  |  | $ | 2,973 |  |  | $ | 6,697 |
Amortization of mortgage servicing rights | 79,035 |  |  | 148 |  |  | — |  |  | 79,183 |
Amortization of debt discount | 330 |  |  | — |  |  | — |  |  | 330 |
Amortization of debt issuance costs | 1,178 |  |  | — |  |  | — |  |  | 1,178 |
For the nine months ended September 30, 2014 |  |  |  |  |  |  |
Depreciation expense | $ | 8,099 |  |  | $ | 235 |  |  | $ | 8,267 |  |  | $ | 16,601 |
Amortization of mortgage servicing rights | 185,263 |  |  | 613 |  |  | 199 |  |  | 186,075 |
Amortization of debt discount | 991 |  |  | — |  |  | 513 |  |  | 1,504 |
Amortization of debt issuance costs | 3,241 |  |  | — |  |  | — |  |  | 3,241 |
For the nine months ended September 30, 2013 |  |  |  |  |  |  |
Depreciation expense | $ | 9,968 |  |  | $ | 209 |  |  | $ | 6,976 |  |  | $ | 17,153 |
Amortization of mortgage servicing rights | 197,287 |  |  | 148 |  |  | — |  |  | 197,435 |
Amortization of debt discount | 1,082 |  |  | — |  |  | — |  |  | 1,082 |
Amortization of debt issuance costs | 3,264 |  |  | — |  |  | — |  |  | 3,264 |
(2) | Includes interest expense related to financing liabilities recorded in connection with the HLSS Transactions. As discussed in Note 1A — Restatement of Previously Issued Consolidated Financial Statements, we are restating our previously reported consolidated operating results for the three and nine months ended September 30, 2013 to correct an error in the accounting applicable to the financing liabilities in connection with Rights to MSRs sold to HLSS.
Depreciation and Amortization [Member] |
Segment Reporting Information [Line Items] |
Schedule of Segment Reporting Information | Depreciation and amortization expense are as follows:
| Servicing |  | Lending |  | Corporate Items and Other |  | Business Segments Consolidated
For the three months ended September 30, 2014 |  |  |  |  |  |  |  |  |  |  |
Depreciation expense | $ | 2,636 |  |  | $ | 98 |  |  | $ | 3,022 |  |  | $ | 5,756 |
Amortization of mortgage servicing rights | 60,689 |  |  | 94 |  |  | — |  |  | 60,783 |
Amortization of debt discount | 331 |  |  | — |  |  | 344 |  |  | 675 |
Amortization of debt issuance costs | 1,114 |  |  | — |  |  | — |  |  | 1,114 |
For the three months ended September 30, 2013 |  |  |  |  |  |  |  |  |  |  |
Depreciation expense | $ | 3,589 |  |  | $ | 135 |  |  | $ | 2,973 |  |  | $ | 6,697 |
Amortization of mortgage servicing rights | 79,035 |  |  | 148 |  |  | — |  |  | 79,183 |
Amortization of debt discount | 330 |  |  | — |  |  | — |  |  | 330 |
Amortization of debt issuance costs | 1,178 |  |  | — |  |  | — |  |  | 1,178 |
For the nine months ended September 30, 2014 |  |  |  |  |  |  |
Depreciation expense | $ | 8,099 |  |  | $ | 235 |  |  | $ | 8,267 |  |  | $ | 16,601 |
Amortization of mortgage servicing rights | 185,263 |  |  | 613 |  |  | 199 |  |  | 186,075 |
Amortization of debt discount | 991 |  |  | — |  |  | 513 |  |  | 1,504 |
Amortization of debt issuance costs | 3,241 |  |  | — |  |  | — |  |  | 3,241 |
For the nine months ended September 30, 2013 |  |  |  |  |  |  |
Depreciation expense | $ | 9,968 |  |  | $ | 209 |  |  | $ | 6,976 |  |  | $ | 17,153 |
Amortization of mortgage servicing rights | 197,287 |  |  | 148 |  |  | — |  |  | 197,435 |
Amortization of debt discount | 1,082 |  |  | — |  |  | — |  |  | 1,082 |
Amortization of debt issuance costs | 3,264 |  |  | — |  |  | — |  |  | 3,264 |

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