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UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenue        
Servicing and subservicing fees $ 175,240 $ 239,960 $ 386,723 $ 496,576
Reverse mortgage revenue, net 13,759 20,493 36,556 52,616
Gain on loans held for sale, net 33,547 8,318 46,878 17,300
Other revenue, net 4,478 5,567 10,709 11,734
Total revenue 227,024 274,338 480,866 578,226
MSR valuation adjustments, net (23,434) (147,268) (197,554) (256,266)
Operating expenses        
Compensation and benefits 65,017 82,283 125,745 176,979
Servicing and origination 17,361 21,510 37,617 50,208
Professional services 23,818 37,136 49,455 40,577
Technology and communications 16,111 20,001 31,304 44,436
Occupancy and equipment 16,136 18,699 28,105 35,288
Other expenses 6,366 4,597 9,797 7,845
Total operating expenses 144,809 184,226 282,023 355,333
Other income (expense)        
Interest income 3,566 3,837 8,961 8,395
Interest expense (26,760) (28,641) (56,742) (55,130)
Pledged MSR liability expense (41,686) (2,930) (48,280) (46,886)
Other, net (57) 557 1,271 1,577
Total other expense, net (64,937) (27,177) (94,790) (92,044)
Loss before income taxes (6,156) (84,333) (93,501) (125,417)
Income tax (benefit) expense (8,110) 5,404 (69,966) 8,814
Net income (loss) $ 1,954 $ (89,737) $ (23,535) $ (134,231)
Earnings (loss) per share        
Basic (in USD per share) $ 0.02 $ (0.67) $ (0.18) $ (1.00)
Diluted (in USD per share) $ 0.02 $ (0.67) $ (0.18) $ (1.00)
Weighted average common shares outstanding        
Basic (in shares) 129,769,092 134,465,741 132,313,964 134,193,874
Diluted (in shares) 129,922,343 134,465,741 132,313,964 134,193,874
Pro forma earnings (loss) per share assuming a one-for-15 reverse stock split        
Basic income (loss) per share, pro forma (in USD per share) [1] $ 0.23 $ (10.01) $ (2.67) $ (15.00)
Diluted earnings (loss) per share, pro forma (in USD per share) [1] $ 0.23 $ (10.01) $ (2.67) $ (15.00)
[1] Note 17 – Basic and Diluted Earnings (Loss) per Share regarding the reverse stock split expected to be effective in August 2020.