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Business Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Financial information for our segments is as follows:

			Three Months Ended June 30, 2021
Results of Operations			Servicing						Originations						Corporate Items and Other						Corporate Eliminations (1)						Business Segments Consolidated
Servicing and subservicing fees			$	182,141					$	2,300					$	—					$	—					$	184,441
Reverse mortgage revenue, net			10,487						18,814						—						—						29,301
Gain on loans held for sale, net (1)			4,130						27,273						—						11,310						42,713
Other revenue, net			497						6,986						1,507						—						8,990
Revenue			197,255						55,373						1,507						11,310						265,445
MSR valuation adjustments, net (1)			(69,948)						8,808						—						(11,310)						(72,450)
Operating expenses			83,626						39,687						26,495						—						149,808
Other (expense) income:
Interest income			1,232						2,862						94						—						4,188
Interest expense			(23,311)						(4,701)						(5,504)						—						(33,516)
Pledged MSR liability expense			(39,845)						—						35						—						(39,810)
Earnings of equity method investee			—						—						350						—						350
Other			2,892						(168)						640						—						3,364
Other expense, net			(59,032)						(2,007)						(4,385)						—						(65,424)
Income (loss) before income taxes			$	(15,351)					$	22,487					$	(29,373)					$	—					$	(22,237)

			Three Months Ended June 30, 2020
Results of Operations			Servicing						Originations						Corporate Items and Other						Corporate Eliminations						Business Segments Consolidated
Servicing and subservicing fees			$	175,188					$	7					$	45					$	—					$	175,240
Reverse mortgage revenue, net			(2,721)						16,480						—						—						13,759
Gain on loans held for sale, net			3,781						29,766						—						—						33,547
Other revenue, net			817						2,663			—			998						—						4,478
Revenue			177,065						48,916						1,043						—						227,024
MSR valuation adjustments, net			(37,074)						13,640						—						—						(23,434)
Operating expenses			86,415						25,075						33,319						—						144,809
Other (expense) income:
Interest income			2,155						1,157						254						—						3,566
Interest expense			(22,997)						(1,751)						(2,012)						—						(26,760)
Pledged MSR liability expense			(41,714)						—						28						—						(41,686)
Other			2,466						(8)						(2,515)						—						(57)
Other expense, net			(60,090)						(602)						(4,245)						—						(64,937)
Income (loss) before income taxes			$	(6,514)					$	36,879					$	(36,521)					$	—					$	(6,156)
			Six Months Ended June 30, 2021
Results of Operations			Servicing						Originations						Corporate Items and Other						Corporate Eliminations (1)						Business Segments Consolidated
Servicing and subservicing fees			$	351,496					$	4,683					$	—					$	—					$	356,179
Reverse mortgage revenue, net			12,521						38,606						—						—						51,127
Gain on loans held for sale, net (1)			7,651						64,866						—						(24,083)						48,434
Other revenue, net			999						13,503						2,797						—						17,299
Revenue			372,667						121,658						2,797						(24,083)						473,039
MSR valuation adjustments, net (1)			(92,638)						17,313						—						24,083						(51,242)
Operating expenses			166,379						77,016						46,042						—						289,437
Other (expense) income:
Interest income			2,489						5,428						207						—						8,124
Interest expense			(43,619)						(8,252)						(10,097)						—						(61,968)
Loss on extinguishment of debt			—						—						(15,458)						—						(15,458)
Pledged MSR liability expense			(77,727)						—						67						—						(77,660)
Earnings of equity method investee			—						—						350						—						350
Other			3,345						(119)						428						—						3,654
Other expense, net			(115,512)						(2,943)						(24,503)						—						(142,958)
Income (loss) before income taxes			$	(1,862)					$	59,012					$	(67,748)					$	—					$	(10,598)

			Six Months Ended June 30, 2020
Results of Operations			Servicing						Originations						Corporate Items and Other						Corporate Eliminations						Business Segments Consolidated
Servicing and subservicing fees			$	386,657					$	8					$	58					$	—					$	386,723
Reverse mortgage revenue, net			13,953						22,603						—						—						36,556
Gain on loans held for sale, net			4,010						42,868						—						—						46,878
Other revenue, net			1,975						5,109						3,625						—						10,709
Revenue			406,595						70,588						3,683						—						480,866
MSR valuation adjustments, net			(211,522)						13,968						—						—						(197,554)
Operating expenses			170,894						48,027						63,102						—						282,023
Other (expense) income:
Interest income			4,684						2,780						1,497						—						8,961
Interest expense			(47,576)						(4,185)						(4,981)						—						(56,742)
Pledged MSR liability expense			(48,337)						—						57						—						(48,280)
Other			6,121						(30)						(4,820)						—						1,271
Other expense, net			(85,108)						(1,435)						(8,247)						—						(94,790)
Income (loss) before income taxes			$	(60,929)					$	35,094					$	(67,666)					$	—					$	(93,501)

(1)Corporate Eliminations for the three and six months ended June 30, 2021 includes an inter-segment derivatives elimination of $11.3 million and $24.1 million, respectively, with a corresponding offset in MSR valuation adjustments, net; nil for the three and six months ended June 30, 2020.

Total Assets			Servicing						Originations						Corporate Items and Other												Business Segments Consolidated
June 30, 2021			$	10,747,791					$	641,931					$	377,988											$	11,767,710
December 31, 2020			$	9,847,603					$	379,233					$	424,291											$	10,651,127
June 30, 2020			$	9,510,084					$	291,085					$	509,269											$	10,310,438

Depreciation and Amortization Expense			Servicing						Originations						Corporate Items and Other						Business Segments Consolidated
Three months ended June 30, 2021
Depreciation expense			$	168					$	26					$	2,015					$	2,209
Amortization of debt issuance costs and discount			129						—						1,480						1,609
Three months ended June 30, 2020
Depreciation expense			$	218					$	34					$	6,844					$	7,096
Amortization of debt issuance costs and discount			116						—						1,403						1,519
Six Months Ended June 30, 2021
Depreciation expense			$	376					$	49					$	4,641					$	5,066
Amortization of debt issuance costs and discount			258						—						2,974						3,232
Six months ended June 30, 2020
Depreciation expense			$	433					$	71					$	10,589					$	11,093
Amortization of debt issuance costs and discount			228						—						3,953						4,181

X

- 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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