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Business Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Financial information for our segments is as follows:

			Three Months Ended March 31, 2021
Results of Operations			Servicing						Originations						Corporate Items and Other						Corporate Eliminations (1)						Business Segments Consolidated
Servicing and subservicing fees			$	169,354					$	2,384					$	—					$	—					$	171,738
Reverse mortgage revenue, net			2,035						19,791						—						—						21,826
Gain on loans held for sale, net			3,521						37,593						—						(35,393)						5,721
Other revenue, net			502						6,518						1,289						—						8,309
Revenue			175,412						66,286						1,289						(35,393)						207,594
MSR valuation adjustments, net			(22,690)						8,505						—						35,393						21,208
Operating expenses			82,753						37,328						19,548						—						139,629
Other (expense) income:
Interest income			1,257						2,566						113						—						3,936
Interest expense			(20,309)						(3,552)						(4,591)						—						(28,452)
Pledged MSR liability expense			(37,883)						—						33						—						(37,850)
Loss on extinguishment of debt			—						—						(15,458)						—						(15,458)
Other			452						50						(212)						—						290
Other expense, net			(56,483)						(936)						(20,115)						—						(77,534)
Income (loss) before income taxes			$	13,486					$	36,527					$	(38,374)					$	—					$	11,639
			Three Months Ended March 31, 2020
Results of Operations			Servicing						Originations						Corporate Items and Other						Corporate Eliminations (1)						Business Segments Consolidated
Servicing and subservicing fees			$	211,469					$	1					$	13					$	—					$	211,483
Reverse mortgage revenue, net			16,673						6,124						—						—						22,797
Gain on loans held for sale, net			229						13,102						—						—						13,331
Other revenue, net			1,159						2,445			—			2,627						—						6,231
Revenue			229,530						21,672						2,640						—						253,842
MSR valuation adjustments, net			(174,448)						328						—						—						(174,120)
Operating expenses			84,479						22,952						29,783						—						137,214
Other (expense) income:
Interest income			2,529						1,623						1,243						—						5,395
Interest expense			(24,581)						(2,433)						(2,968)						—						(29,982)
Pledged MSR liability expense			(6,623)						—						29						—						(6,594)
Other			3,655						(22)						(2,305)						—						1,328
Other expense, net			(25,020)						(832)						(4,001)						—						(29,853)
Loss before income taxes			$	(54,417)					$	(1,784)					$	(31,144)					$	—					$	(87,345)

(1)Corporate Eliminations for the three months ended March 31, 2021 includes an inter-segment derivatives elimination of $35.4 million with a corresponding offset in MSR valuation adjustments, net; nil for the three months ended March 31, 2020.

Total Assets			Servicing						Originations						Corporate Items and Other												Business Segments Consolidated
March 31, 2021			$	9,869,673					$	525,610					$	376,505											$	10,771,788
December 31, 2020			$	9,847,603					$	379,233					$	424,291											$	10,651,127
March 31, 2020			$	9,321,628					$	205,198					$	459,198											$	9,986,024

Depreciation and Amortization Expense			Servicing						Originations						Corporate Items and Other						Business Segments Consolidated
Three months ended March 31, 2021
Depreciation expense			$	209					$	24					$	2,626					$	2,859
Amortization of debt issuance costs and discount			129						—						1,495						1,624
Three months ended March 31, 2020
Depreciation expense			$	215					$	37					$	3,745					$	3,997
Amortization of debt issuance costs and discount			112						—						2,550						2,662

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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

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- References

No definition available.

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