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Business Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Financial information for our segments is as follows:
 
Three Months Ended March 31, 2020
Results of Operations 
Servicing
 
Originations
 
Corporate Items and Other
 
Business Segments Consolidated
Revenue
$
213,555

 
$
37,647

 
$
2,640

 
$
253,842

 
 
 
 
 
 
 
 
MSR valuation adjustments, net
(174,436
)
 
316

 
—

 
(174,120
)
 
 
 
 
 
 
 
 
Operating expenses (1) (2)
80,473

 
26,958

 
29,783

 
137,214

 
 
 
 
 
 
 
 
Other (expense) income:
 
 
 
 
 
 
 
Interest income
1,886

 
2,266

 
1,243

 
5,395

Interest expense
(13,667
)
 
(2,861
)
 
(13,454
)
 
(29,982
)
Pledged MSR liability expense
(6,623
)
 
—

 
29

 
(6,594
)
Other
3,662

 
(29
)
 
(2,305
)
 
1,328

Other expense, net
(14,742
)
 
(624
)
 
(14,487
)
 
(29,853
)
 
 
 
 
 
 
 
 
(Loss) income before income taxes
$
(56,096
)
 
$
10,381

 
$
(41,630
)
 
$
(87,345
)
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
Results of Operations 
Servicing
 
Originations
 
Corporate Items and Other
 
Business Segments Consolidated
Revenue
$
259,274

 
$
41,091

 
$
3,523

 
$
303,888

 
 
 
 
 
 
 
 
MSR valuation adjustments, net
(108,914
)
 
(84
)
 
—

 
(108,998
)
 
 
 
 
 
 
 
 
Operating expenses (1) (2)
156,984

 
21,247

 
(7,124
)
 
171,107

 


 


 


 


Other (expense) income:
 
 
 
 
 
 
 
Interest income
2,294

 
1,549

 
715

 
4,558

Interest expense
(10,742
)
 
(1,668
)
 
(14,079
)
 
(26,489
)
Pledged MSR liability expense
(43,956
)
 
—

 
—

 
(43,956
)
Other
1,525

 
219

 
(724
)
 
1,020

Other (expense) income, net
(50,879
)
 
100

 
(14,088
)
 
(64,867
)
 
 
 
 
 
 
 
 
(Loss) income before income taxes
$
(57,503
)
 
$
19,860

 
$
(3,441
)
 
$
(41,084
)

(1)
Compensation and benefits expense in the Corporate Items and Other segment for the three months ended March 31, 2020 and 2019 includes $0.2 million and $18.5 million, respectively, of severance expense attributable to PHH integration-related headcount reductions of primarily U.S.-based employees in 2019, as well as our overall efforts to reduce costs.
(2)
Included in the Corporate Items and Other segment for the three months ended March 31, 2019, we recorded in Professional services expense a recovery from a service provider of $30.7 million of amounts previously recognized as expense.
Total Assets
Servicing
 
Originations
 
Corporate Items and Other
 
Business Segments Consolidated
March 31, 2020
$
2,787,250

 
$
6,739,576

 
$
459,198

 
$
9,986,024

 
 
 
 
 
 
 
 
December 31, 2019
$
3,378,515

 
$
6,459,367

 
$
568,317

 
$
10,406,199

 
 
 
 
 
 
 
 
March 31, 2019
$
3,221,779

 
$
5,848,830

 
$
466,601

 
$
9,537,210

Depreciation and Amortization Expense
Servicing
 
Originations
 
Corporate Items and Other
 
Business Segments Consolidated
Three months ended March 31, 2020
Depreciation expense
$
215

 
$
37

 
$
3,745

 
$
3,997

Amortization of debt discount
—

 
—

 
929

 
929

Amortization of debt issuance costs
112

 
—

 
1,621

 
1,733

 
 
 
 
 
 
 
 
Three months ended March 31, 2019
Depreciation expense
$
806

 
$
36

 
$
7,709

 
$
8,551

Amortization of debt discount
—

 
—

 
351

 
351

Amortization of debt issuance costs
—

 
—

 
700

 
700