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Business Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Financial information for our segments is as follows:
| Three Months Ended September 30, 2019
Results of Operations | Servicing |  | Lending |  | Corporate Items and Other |  | Business Segments Consolidated
Revenue | $ | 250,224 |  |  | $ | 29,502 |  |  | $ | 3,789 |  |  | $ | 283,515 |
Expenses (1) (2) | 890 |  |  | 20,665 |  |  | 23,169 |  |  | 44,724 |
Other (expense) income: |  |  |  |  |  |  |
Interest income | 2,105 |  |  | 1,688 |  |  | 336 |  |  | 4,129 |
Interest expense (3) | (268,545 | ) |  | (2,133 | ) |  | (15,244 | ) |  | (285,922 | )
Gain on repurchase of senior secured notes | — |  |  | — |  |  | 5,099 |  |  | 5,099 |
Other | 3,917 |  |  | 498 |  |  | (4,829 | ) |  | (414 | )
Other (expense) income, net | (262,523 | ) |  | 53 |  |  | (14,638 | ) |  | (277,108 | )
(Loss) income before income taxes | $ | (13,189 | ) |  | $ | 8,890 |  |  | $ | (34,018 | ) |  | $ | (38,317 | )
| Three Months Ended September 30, 2018
Results of Operations | Servicing |  | Lending |  | Corporate Items and Other |  | Business Segments Consolidated
Revenue | $ | 217,630 |  |  | $ | 16,917 |  |  | $ | 3,731 |  |  | $ | 238,278 |
Expenses (1) (2) | 185,077 |  |  | 18,954 |  |  | 13,495 |  |  | 217,526 |
Other (expense) income: |  |  |  |  |  |  |
Interest income | 2,242 |  |  | 1,255 |  |  | 466 |  |  | 3,963 |
Interest expense (3) | (47,359 | ) |  | (1,437 | ) |  | (12,492 | ) |  | (61,288 | )
Other | (1,335 | ) |  | 154 |  |  | (2,519 | ) |  | (3,700 | )
Other (expense) income, net | (46,452 | ) |  | (28 | ) |  | (14,545 | ) |  | (61,025 | )
Loss before income taxes | $ | (13,899 | ) |  | $ | (2,065 | ) |  | $ | (24,309 | ) |  | $ | (40,273 | )
| Nine months ended September 30, 2019
Results of Operations | Servicing |  | Lending |  | Corporate Items and Other |  | Business Segments Consolidated
Revenue | $ | 752,010 |  |  | $ | 99,386 |  |  | $ | 10,345 |  |  | $ | 861,741 |
Expenses (1) (2) (4) | 556,874 |  |  | 63,021 |  |  | 36,428 |  |  | 656,323 |
Other (expense) income: |  |  |  |  |  |  |
Interest income | 6,270 |  |  | 4,783 |  |  | 1,471 |  |  | 12,524 |
Interest expense (3) | (337,435 | ) |  | (5,200 | ) |  | (45,303 | ) |  | (387,938 | )
Gain on repurchase of senior secured notes | — |  |  | — |  |  | 5,099 |  |  | 5,099 |
Bargain purchase gain | — |  |  | — |  |  | (381 | ) |  | (381 | )
Other | 6,332 |  |  | 1,161 |  |  | (5,949 | ) |  | 1,544 |
Other (expense) income, net | (324,833 | ) |  | 744 |  |  | (45,063 | ) |  | (369,152 | )
(Loss) income before income taxes | $ | (129,697 | ) |  | $ | 37,109 |  |  | $ | (71,146 | ) |  | $ | (163,734 | )
| Nine months ended September 30, 2018
Results of Operations | Servicing |  | Lending |  | Corporate Items and Other |  | Business Segments Consolidated
Revenue | $ | 674,233 |  |  | $ | 65,116 |  |  | $ | 12,767 |  |  | $ | 752,116 |
Expenses (1) (2) | 523,061 |  |  | 57,036 |  |  | 49,580 |  |  | 629,677 |
Other (expense) income: |  |  |  |  |  |  |
Interest income | 4,136 |  |  | 4,107 |  |  | 1,775 |  |  | 10,018 |
Interest expense (3) | (144,551 | ) |  | (4,855 | ) |  | (40,195 | ) |  | (189,601 | )
Other | (2,089 | ) |  | 774 |  |  | (5,254 | ) |  | (6,569 | )
Other (expense) income, net | (142,504 | ) |  | 26 |  |  | (43,674 | ) |  | (186,152 | )
Income (loss) before income taxes | $ | 8,668 |  |  | $ | 8,106 |  |  | $ | (80,487 | ) |  | $ | (63,713 | )
(1) | Expenses in the Servicing segment includes MSR valuation adjustments, net.
(2) | Compensation and benefits expense in the Corporate Items and Other segment for the three and nine months ended September 30, 2019 and 2018 includes $(0.1) million and $19.1 million, and $0.3 million, and $7.5 million, respectively, of severance expense attributable to PHH integration-related headcount reductions of primarily U.S.-based employees in 2019 and severance expense attributable to 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.
(3) | Interest expense in the Servicing segment includes changes in the fair value of the Financing liability - MSRs pledged (Rights to MSRs).
(4) | Included in the Corporate Items and Other segment for the nine months ended September 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.
Total Assets |  | Servicing |  | Lending |  | Corporate Items and Other |  | Business Segments Consolidated
September 30, 2019 |  | $ | 3,227,245 |  |  | $ | 6,225,394 |  |  | $ | 504,014 |  |  | $ | 9,956,653 |
December 31, 2018 |  | $ | 3,306,208 |  |  | $ | 5,603,481 |  |  | $ | 484,527 |  |  | $ | 9,394,216 |
September 30, 2018 |  | $ | 2,726,905 |  |  | $ | 5,385,437 |  |  | $ | 348,695 |  |  | $ | 8,461,037 |
Depreciation and Amortization Expense |  | Servicing |  | Lending |  | Corporate Items and Other |  | Business Segments Consolidated
Three months ended September 30, 2019
Depreciation expense |  | $ | 105 |  |  | $ | (32 | ) |  | $ | 6,386 |  |  | $ | 6,459 |
Amortization of debt discount |  | — |  |  | — |  |  | 330 |  |  | 330 |
Amortization of debt issuance costs |  | — |  |  | — |  |  | 816 |  |  | 816 |
Three months ended September 30, 2018
Depreciation expense |  | $ | 1,035 |  |  | $ | 23 |  |  | $ | 4,500 |  |  | $ | 5,558 |
Amortization of debt discount |  | — |  |  | — |  |  | 235 |  |  | 235 |
Amortization of debt issuance costs |  | — |  |  | — |  |  | 599 |  |  | 599 |
Nine months ended September 30, 2019
Depreciation expense |  | $ | 1,674 |  |  | $ | 49 |  |  | $ | 24,297 |  |  | $ | 26,020 |
Amortization of debt discount |  | — |  |  | — |  |  | 1,031 |  |  | 1,031 |
Amortization of debt issuance costs |  | — |  |  | — |  |  | 2,268 |  |  | 2,268 |
Nine months ended September 30, 2018
Depreciation expense |  | $ | 3,647 |  |  | $ | 77 |  |  | $ | 14,475 |  |  | $ | 18,199 |
Amortization of debt discount |  | — |  |  | — |  |  | 941 |  |  | 941 |
Amortization of debt issuance costs |  | — |  |  | — |  |  | 2,261 |  |  | 2,261 |

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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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