Business Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2016

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, 2016
Revenue (1)	$	319,080		$	30,696		$	9,672		$	—	$	359,448

Expenses (1) (2)	204,434			27,735			39,509			—		271,678

Other income (expense):
Interest income	59			3,990			1,109			—		5,158
Interest expense	(101,138		)	(3,684		)	(6,139		)	—		(110,961		)
Gain on sale of mortgage servicing rights, net	5,661			—			—			—		5,661
Other (1)	13,943			322			471			—		14,736
Other income (expense), net	(81,475		)	628			(4,559		)	—		(85,406		)

Income (loss) before income taxes	$	33,171		$	3,589		$	(34,396	)	$	—	$	2,364

Three months ended September 30, 2015
Revenue (1)	$	374,936		$	29,662		$	348		$	—	$	404,946

Expenses (1) (2)	318,439			23,126			46,161			—		387,726

Other income (expense):
Interest income	1,175			3,883			635			—		5,693
Interest expense	(109,357		)	(2,256		)	(6,700		)	—		(118,313		)
Gain on sale of mortgage servicing rights, net	41,246			—			—			—		41,246
Other (1)	(2,303		)	425			114			—		(1,764		)
Other income (expense), net	(69,239		)	2,052			(5,951		)	—		(73,138		)

Income (loss) before income taxes	$	(12,742	)	$	8,588		$	(51,764	)	$	—	$	(55,918	)



	Servicing			Lending			Corporate Items and Other			Corporate Eliminations			Business Segments Consolidated
Nine months ended September 30, 2016
Revenue (1)	$	951,727		$	89,255		$	22,277		$	—		$	1,063,259

Expenses (1) (2)	741,706			78,091			165,556			—			985,353

Other income (expense):
Interest income	(102		)	11,805			2,785			—			14,488
Interest expense	(278,808		)	(10,829		)	(18,446		)	—			(308,083		)
Gain on sale of mortgage servicing rights, net	7,689			—			—			—			7,689
Other (1)	11,406			982			(547		)	—			11,841
Other income (expense), net	(259,815		)	1,958			(16,208		)	—			(274,065		)

Income (loss) before income taxes	$	(49,794	)	$	13,122		$	(159,487	)	$	—		$	(196,159	)

Nine months ended September 30, 2015
Revenue (1)	$	1,269,269		$	106,721		$	2,709		$	(58	)	$	1,378,641

Expenses (1) (2)	940,764			73,497			104,133			(58		)	1,118,336

Other income (expense):
Interest income	3,232			11,025			2,049			—			16,306
Interest expense	(336,088		)	(7,058		)	(19,460		)	—			(362,606		)
Gain on sale of mortgage servicing rights, net	97,958			—			—			—			97,958
Other (1)	(15,049		)	1,826			671			—			(12,552		)
Other income (expense), net	(249,947		)	5,793			(16,740		)	—			(260,894		)

Income (loss) before income taxes	$	78,558		$	39,017		$	(118,164	)	$	—		$	(589	)



	Servicing		Lending		Corporate Items and Other		Corporate Eliminations		Business Segments Consolidated
Total Assets
September 30, 2016	$	3,455,598	$	3,662,316	$	467,536	$	—	$	7,585,450

December 31, 2015	$	4,089,064	$	2,811,154	$	480,090	$	—	$	7,380,308

September 30, 2015	$	4,653,917	$	2,571,893	$	753,167	$	—	$	7,978,977


(1)	Inter-segment billings for services rendered to other segments are recorded as revenues, as contra-expense or as other income, depending on the type of service that is rendered.


(2)	Depreciation and amortization expense are as follows:



	Servicing			Lending		Corporate Items and Other		Business Segments Consolidated
For the three months ended September 30, 2016
Depreciation expense	$	2,730		$	48	$	3,651	$	6,429
Amortization of mortgage servicing rights	(2,634		)	76		—		(2,558		)
Amortization of debt discount	240			—		—		240
Amortization of debt issuance costs	3,645			—		332		3,977

For the three months ended September 30, 2015
Depreciation expense	$	694		$	96	$	4,256	$	5,046
Amortization of mortgage servicing rights	18,023			85		—		18,108
Amortization of debt discount	329			—		—		329
Amortization of debt issuance costs	2,981			—		344		3,325

For the nine months ended September 30, 2016
Depreciation expense	$	5,068		$	184	$	13,025	$	18,277
Amortization of mortgage servicing rights	18,360			235		—		18,595
Amortization of debt discount	623			—		—		623
Amortization of debt issuance costs	9,466			—		1,009		10,475

For the nine months ended September 30, 2015
Depreciation expense	$	1,736		$	292	$	11,439	$	13,467
Amortization of mortgage servicing rights	87,926			262		—		88,188
Amortization of debt discount	1,022			—		—		1,022
Amortization of debt issuance costs	9,336			—		1,049		10,385

Depreciation and amortization expense are as follows:



	Servicing			Lending		Corporate Items and Other		Business Segments Consolidated
For the three months ended September 30, 2016
Depreciation expense	$	2,730		$	48	$	3,651	$	6,429
Amortization of mortgage servicing rights	(2,634		)	76		—		(2,558		)
Amortization of debt discount	240			—		—		240
Amortization of debt issuance costs	3,645			—		332		3,977

For the three months ended September 30, 2015
Depreciation expense	$	694		$	96	$	4,256	$	5,046
Amortization of mortgage servicing rights	18,023			85		—		18,108
Amortization of debt discount	329			—		—		329
Amortization of debt issuance costs	2,981			—		344		3,325

For the nine months ended September 30, 2016
Depreciation expense	$	5,068		$	184	$	13,025	$	18,277
Amortization of mortgage servicing rights	18,360			235		—		18,595
Amortization of debt discount	623			—		—		623
Amortization of debt issuance costs	9,466			—		1,009		10,475

For the nine months ended September 30, 2015
Depreciation expense	$	1,736		$	292	$	11,439	$	13,467
Amortization of mortgage servicing rights	87,926			262		—		88,188
Amortization of debt discount	1,022			—		—		1,022
Amortization of debt issuance costs	9,336			—		1,049		10,385