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Business Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information

Financial information for our segments is as follows:

	Three Months Ended June 30, 2019
Results of Operations	Servicing				Lending				Corporate Items and Other				Corporate Eliminations				Business Segments Consolidated
Revenue	$	242,510			$	28,794			$	3,034			$	—			$	274,338
Expenses (1)	290,087				21,026				20,381				—				331,494
Other income (expense):
Interest income	1,872				1,546				419				—				3,837
Interest expense	(14,191		)		(1,399		)		(15,981		)		—				(31,571		)
Bargain purchase gain	—				—				(96		)						(96		)
Other	890				444				(681		)		—				653
Other income (expense), net	(11,429		)		591				(16,339		)		—				(27,177		)
Income (loss) before income taxes	$	(59,006	)		$	8,359			$	(33,686	)		$	—			$	(84,333	)

	Three Months Ended June 30, 2018
Results of Operations	Servicing				Lending				Corporate Items and Other				Corporate Eliminations				Business Segments Consolidated
Revenue	$	230,509			$	19,002			$	4,070			$	—			$	253,581
Expenses (1)	166,888				17,785				20,977				—				205,650
Other income (expense):
Interest income	1,466				1,360				529				—				3,355
Interest expense	(62,675		)		(1,472		)		(13,356		)		—				(77,503		)
Other	(326		)		294				(2,156		)		—				(2,188		)
Other income (expense), net	(61,535		)		182				(14,983		)		—				(76,336		)
Income (loss) before income taxes	$	2,086			$	1,399			$	(31,890	)		$	—			$	(28,405	)
	Six months ended June 30, 2019
Revenue	$	501,784			$	69,885			$	6,557			$	—			$	578,226
Expenses (1) (2)	555,984				42,357				13,258				—				611,599
Other income (expense):
Interest income	4,165				3,095				1,135				—				8,395
Interest expense	(68,889		)		(3,067		)		(30,060		)		—				(102,016		)
Bargain purchase gain	—				—				(381		)		—				(381		)
Other	2,416				663				(1,121		)		—				1,958
Other income (expense), net	(62,308		)		691				(30,427		)		—				(92,044		)
Income (loss) before income taxes	$	(116,508	)		$	28,219			$	(37,128	)		$	—			$	(125,417	)
	Six months ended June 30, 2018
Revenue	$	456,605			$	48,197			$	9,036			$	—			$	513,838
Expenses (1)	337,984				38,081				36,086				—				412,151
Other income (expense):
Interest income	1,894				2,852				1,309				—				6,055
Interest expense	(97,193		)		(3,417		)		(27,703		)		—				(128,313		)
Other	(754		)		620				(2,735		)		—				(2,869		)
Other income (expense), net	(96,053		)		55				(29,129		)		—				(125,127		)
Income (loss) before income taxes	$	22,568			$	10,171			$	(56,179	)		$	—			$	(23,440	)

Total Assets		Servicing				Lending				Corporate Items and Other				Corporate Eliminations				Business Segments Consolidated
June 30, 2019		$	3,195,218			$	5,978,325			$	454,250			$	—			$	9,627,793
December 31, 2018		$	3,306,208			$	5,603,481			$	484,527			$	—			$	9,394,216
June 30, 2018		$	2,851,910			$	5,242,716			$	325,570			$	—			$	8,420,196

Depreciation and Amortization Expense		Servicing				Lending				Corporate Items and Other				Business Segments Consolidated
Three months ended June 30, 2019
Depreciation expense		$	761			$	46			$	10,205			$	11,012
Amortization of debt discount		—				—				350				350
Amortization of debt issuance costs		—				—				751				751
Three months ended June 30, 2018
Depreciation expense		$	1,256			$	25			$	4,834			$	6,115
Amortization of debt discount		—				—				442				442
Amortization of debt issuance costs		—				—				1,005				1,005
Six months ended June 30, 2019
Depreciation expense		$	1,569			$	81			$	17,913			$	19,563
Amortization of debt discount		—				—				701				701
Amortization of debt issuance costs		—				—				1,451				1,451
Six months ended June 30, 2018
Depreciation expense		$	2,613			$	54			$	9,973			$	12,640
Amortization of debt discount		—				—				706				706
Amortization of debt issuance costs		—				—				1,662				1,662

(1) Compensation and benefits expense in the Corporate Items and Other segment for the three and six months ended June 30, 2019 and 2018 includes $0.8 million and $19.2 million, and $1.6 million, and $7.3 million, respectively, of severance expense attributable to PHH integration-related headcount reductions of primarily U.S.-based employees in 2019 and headcount reductions in connection with our strategic decisions to exit the automotive capital services business and the forward lending correspondent and wholesale channels in late 2017 and early 2018, as well as our overall efforts to reduce costs.

(2) Included in the Corporate Items and Other segment for the six months ended June 30, 2019, we recorded in Professional services expense a recovery from a service provider of $30.7 million during the first quarter of 2019 of amounts previously recognized as expense.

Depreciation and Amortization [Member]

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information

Depreciation and Amortization Expense		Servicing				Lending				Corporate Items and Other				Business Segments Consolidated
Three months ended June 30, 2019
Depreciation expense		$	761			$	46			$	10,205			$	11,012
Amortization of debt discount		—				—				350				350
Amortization of debt issuance costs		—				—				751				751
Three months ended June 30, 2018
Depreciation expense		$	1,256			$	25			$	4,834			$	6,115
Amortization of debt discount		—				—				442				442
Amortization of debt issuance costs		—				—				1,005				1,005
Six months ended June 30, 2019
Depreciation expense		$	1,569			$	81			$	17,913			$	19,563
Amortization of debt discount		—				—				701				701
Amortization of debt issuance costs		—				—				1,451				1,451
Six months ended June 30, 2018
Depreciation expense		$	2,613			$	54			$	9,973			$	12,640
Amortization of debt discount		—				—				706				706
Amortization of debt issuance costs		—				—				1,662				1,662

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- 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.

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