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Business Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Financial information for our segments is as follows:
Results of Operations |  | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |
Revenue (1) |  | $ | 757,665 |  |  | $ | 179,298 |  |  | $ | 23,949 |  |  |  |  | $ | 960,912 |
MSR valuation adjustments, net (1) |  | (276,252) |  |  | 41,699 |  |  | (17,368) |  |  |  |  | (251,921) |
Operating expenses (2) |  | 331,885 |  |  | 114,357 |  |  | 129,462 |  |  |  |  | 575,704 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest income |  | 7,061 |  |  | 7,008 |  |  | 1,930 |  |  |  |  | 15,999 |
Interest expense |  | (90,671) |  |  | (9,837) |  |  | (8,859) |  |  |  |  | (109,367) |
Pledged MSR liability expense |  | (152,454) |  |  | — |  |  | 120 |  |  |  |  | (152,334) |
Other, net |  | 10,752 |  |  | 351 |  |  | (4,372) |  |  |  |  | 6,731 |
Other expense, net |  | (225,312) |  |  | (2,478) |  |  | (11,181) |  |  |  |  | (238,971) |
Income (loss) before income taxes |  | $ | (75,784) |  |  | $ | 104,162 |  |  | $ | (134,062) |  |  |  |  | $ | (105,684) |
Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 1,048,490 |  |  | $ | 61,698 |  |  | $ | 13,187 |  |  |  |  | $ | 1,123,375 |
MSR valuation adjustments, net |  | (120,864) |  |  | (12) |  |  | — |  |  |  |  | (120,876) |
Operating expenses (2)(3) |  | 547,976 |  |  | 72,457 |  |  | 53,506 |  |  |  |  | 673,939 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest income |  | 10,085 |  |  | 5,243 |  |  | 1,776 |  |  |  |  | 17,104 |
Interest expense |  | (102,525) |  |  | (7,590) |  |  | (4,014) |  |  |  |  | (114,129) |
Pledged MSR liability expense |  | (372,172) |  |  | — |  |  | — |  |  |  |  | (372,172) |
Gain on repurchase of senior secured notes |  | — |  |  | — |  |  | 5,099 |  |  |  |  | 5,099 |
Bargain purchase gain |  | — |  |  | — |  |  | (381) |  |  |  |  | (381) |
Other, net |  | 12,294 |  |  | 892 |  |  | (3,758) |  |  |  |  | 9,428 |
Other expense, net |  | (452,318) |  |  | (1,455) |  |  | (1,278) |  |  |  |  | (455,051) |
Loss before income taxes |  | $ | (72,668) |  |  | $ | (12,226) |  |  | $ | (41,597) |  |  |  |  | $ | (126,491) |
Results of Operations |  | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |
Revenue |  | $ | 992,913 |  |  | $ | 51,983 |  |  | $ | 18,149 |  |  |  |  | $ | 1,063,045 |
MSR valuation adjustments, net |  | (153,457) |  |  | — |  |  | — |  |  |  |  | (153,457) |
Operating expenses (2) |  | 628,613 |  |  | 73,303 |  |  | 77,123 |  |  |  |  | 779,039 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest income |  | 7,079 |  |  | 4,365 |  |  | 2,582 |  |  |  |  | 14,026 |
Interest expense |  | (90,787) |  |  | (7,311) |  |  | (5,273) |  |  |  |  | (103,371) |
Pledged MSR liability expense |  | (172,342) |  |  | 672 |  |  | — |  |  |  |  | (171,670) |
Bargain purchase gain |  | — |  |  | — |  |  | 64,036 |  |  |  |  | 64,036 |
Other, net |  | (1,858) |  |  | 908 |  |  | (4,096) |  |  |  |  | (5,046) |
Other income (expense), net |  | (257,908) |  |  | (1,366) |  |  | 57,249 |  |  |  |  | (202,025) |
Loss from continuing operations before income taxes |  | $ | (47,065) |  |  | $ | (22,686) |  |  | $ | (1,725) |  |  |  |  | $ | (71,476) |
(1)Revenue in the Corporate Items and Other segment for 2020 includes an inter-segment derivatives elimination of $17.4 million with a corresponding offset in MSR valuation adjustments, net. (2)Compensation and benefits expense in the Corporate Items and Other segment for 2020, 2019 and 2018 includes $2.7 million, $20.3 million and $11.9 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. (3)Included in the Corporate Items and Other segment for 2019, we recorded in Professional services expense a recovery from a service provider of $30.7 million during the first quarter of amounts previously recognized as expense.
Total Assets |  | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
December 31, 2020 |  | $ | 9,847,603 |  |  | $ | 379,233 |  |  | $ | 424,291 |  |  |  |  | $ | 10,651,127 |
December 31, 2019 |  | 9,580,466 |  |  | 257,416 |  |  | 568,317 |  |  |  |  | 10,406,199 |
December 31, 2018 |  | 8,762,681 |  |  | 147,008 |  |  | 484,527 |  |  |  |  | 9,394,216 |
Depreciation and Amortization Expense |  | Servicing |  | Originations |  | Corporate Items and Other |  | Business Segments Consolidated
Year Ended December 31, 2020: |  |  |  |  |  |  |  |
Depreciation expense |  | $ | 857 |  |  | $ | 128 |  |  | $ | 18,136 |  |  | $ | 19,121 |
Amortization of debt discount and issuance costs |  | 470 |  |  | — |  |  | 6,522 |  |  | 6,992 |
Year Ended December 31, 2019: |  |  |  |  |  |  |  |
Depreciation expense |  | $ | 1,925 |  |  | $ | 93 |  |  | $ | 29,893 |  |  | $ | 31,911 |
Amortization of debt discount and issuance costs |  | 71 |  |  | — |  |  | 4,441 |  |  | 4,512 |
Year Ended December 31, 2018: |  |  |  |  |  |  |  |
Depreciation expense |  | $ | 4,601 |  |  | $ | 103 |  |  | $ | 22,498 |  |  | $ | 27,202 |
Amortization of debt discount and issuance costs |  | — |  |  | — |  |  | 4,104 |  |  | 4,104 |

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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=120311839&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=120311839&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=121556970&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 30 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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