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Business Segment Reporting (Tables)

12 Months Ended

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
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-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

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