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Business Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Financial information for our segments is as follows:
| Three Months Ended September 30, 2021
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 205,431 |  |  | $ | 1,155 |  |  | $ | — |  |  | $ | — |  |  | $ | 206,585 |
Reverse mortgage revenue, net | (13,032) |  |  | 18,067 |  |  | — |  |  | — |  |  | 5,035 |
Gain on loans held for sale, net (1) | 31,555 |  |  | 29,604 |  |  | — |  |  | (1,457) |  |  | 59,702 |
Other revenue, net | 303 |  |  | 9,947 |  |  | 1,529 |  |  | — |  |  | 11,779 |
Revenue | 224,257 |  |  | 58,773 |  |  | 1,529 |  |  | (1,457) |  |  | 283,101 |
MSR valuation adjustments, net (1) | (10,577) |  |  | 2,800 |  |  | — |  |  | 1,457 |  |  | (6,320) |
Operating expenses | 80,849 |  |  | 43,498 |  |  | 21,088 |  |  | — |  |  | 145,436 |
Other (expense) income: |  |  |  |  |  |  |  |  |
Interest income | 2,416 |  |  | 5,348 |  |  | 105 |  |  | — |  |  | 7,869 |
Interest expense | (28,979) |  |  | (6,711) |  |  | (4,933) |  |  | — |  |  | (40,623) |
Pledged MSR liability expense | (91,120) |  |  | — |  |  | (41) |  |  | — |  |  | (91,160) |
Other | 1,443 |  |  | 122 |  |  | 1,267 |  |  | — |  |  | 2,832 |
Other expense, net | (116,239) |  |  | (1,241) |  |  | (3,602) |  |  | — |  |  | (121,082) |
Income (loss) before income taxes | $ | 16,592 |  |  | $ | 16,833 |  |  | $ | (23,162) |  |  | $ | — |  |  | $ | 10,263 |
| Three Months Ended September 30, 2020
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 178,544 |  |  | $ | 3,178 |  |  | $ | — |  |  | $ | — |  |  | $ | 181,722 |
Reverse mortgage revenue, net | (1,116) |  |  | 15,615 |  |  | — |  |  | — |  |  | 14,499 |
Gain on loans held for sale, net (1) | 6,758 |  |  | 31,295 |  |  | — |  |  | 7,833 |  |  | 45,886 |
Other revenue, net | 1,248 |  |  | 4,125 |  |  | 1,555 |  |  | — |  |  | 6,928 |
Revenue | 185,434 |  |  | 54,213 |  |  | 1,555 |  |  | 7,833 |  |  | 249,035 |
MSR valuation adjustments, net (1) | (38,351) |  |  | 12,370 |  |  | — |  |  | (7,833) |  |  | (33,814) |
Operating expenses | 84,639 |  |  | 30,304 |  |  | 34,579 |  |  | — |  |  | 149,522 |
Other (expense) income: |  |  |  |  |  |  |  |  |
Interest income | 1,637 |  |  | 1,952 |  |  | 212 |  |  | — |  |  | 3,801 |
Interest expense | (22,179) |  |  | (2,405) |  |  | (2,231) |  |  | — |  |  | (26,815) |
Pledged MSR liability expense | (57,434) |  |  | — |  |  | 30 |  |  | — |  |  | (57,404) |
Other | 2,178 |  |  | 230 |  |  | 937 |  |  | — |  |  | 3,345 |
Other expense, net | (75,798) |  |  | (223) |  |  | (1,052) |  |  | — |  |  | (77,073) |
Income (loss) before income taxes | $ | (13,354) |  |  | $ | 36,056 |  |  | $ | (34,076) |  |  | $ | — |  |  | $ | (11,374) |
| Nine Months Ended September 30, 2021
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 556,927 |  |  | $ | 5,837 |  |  | $ | — |  |  | $ | — |  |  | $ | 562,764 |
Reverse mortgage revenue, net | (511) |  |  | 56,673 |  |  | — |  |  | — |  |  | 56,162 |
Gain on loans held for sale, net (1) | 39,206 |  |  | 94,470 |  |  | — |  |  | (25,541) |  |  | 108,136 |
Other revenue, net | 1,302 |  |  | 23,450 |  |  | 4,326 |  |  | — |  |  | 29,078 |
Revenue | 596,924 |  |  | 180,431 |  |  | 4,326 |  |  | (25,541) |  |  | 756,140 |
MSR valuation adjustments, net (1) | (103,215) |  |  | 20,112 |  |  | — |  |  | 25,541 |  |  | (57,562) |
Operating expenses | 247,228 |  |  | 120,514 |  |  | 67,131 |  |  | — |  |  | 434,873 |
Other (expense) income: |  |  |  |  |  |  |  |  |
Interest income | 4,905 |  |  | 10,776 |  |  | 312 |  |  | — |  |  | 15,993 |
Interest expense | (72,598) |  |  | (14,963) |  |  | (15,030) |  |  | — |  |  | (102,591) |
Loss on extinguishment of debt | — |  |  | — |  |  | (15,458) |  |  | — |  |  | (15,458) |
Pledged MSR liability expense | (168,847) |  |  | — |  |  | 27 |  |  | — |  |  | (168,820) |
Other | 4,787 |  |  | 4 |  |  | 2,045 |  |  | — |  |  | 6,836 |
Other expense, net | (231,753) |  |  | (4,183) |  |  | (28,104) |  |  | — |  |  | (264,040) |
Income (loss) before income taxes | $ | 14,728 |  |  | $ | 75,846 |  |  | $ | (90,909) |  |  | $ | — |  |  | $ | (335) |
| Nine Months Ended September 30, 2020
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 565,201 |  |  | $ | 3,186 |  |  | $ | 58 |  |  | $ | — |  |  | $ | 568,445 |
Reverse mortgage revenue, net | 12,837 |  |  | 38,218 |  |  | — |  |  | — |  |  | 51,055 |
Gain on loans held for sale, net (1) | 10,768 |  |  | 74,163 |  |  | — |  |  | 7,833 |  |  | 92,764 |
Other revenue, net | 3,223 |  |  | 9,234 |  |  | 5,180 |  |  | — |  |  | 17,637 |
Revenue | 592,029 |  |  | 124,801 |  |  | 5,238 |  |  | 7,833 |  |  | 729,901 |
MSR valuation adjustments, net (1) | (249,873) |  |  | 26,338 |  |  | — |  |  | (7,833) |  |  | (231,368) |
Operating expenses | 255,534 |  |  | 78,330 |  |  | 97,681 |  |  | — |  |  | 431,545 |
Other (expense) income: |  |  |  |  |  |  |  |  |
Interest income | 6,321 |  |  | 4,733 |  |  | 1,708 |  |  | — |  |  | 12,762 |
Interest expense | (69,755) |  |  | (6,591) |  |  | (7,211) |  |  | — |  |  | (83,557) |
Pledged MSR liability expense | (105,771) |  |  | — |  |  | 87 |  |  | — |  |  | (105,684) |
Other | 8,300 |  |  | 198 |  |  | (3,882) |  |  | — |  |  | 4,616 |
Other expense, net | (160,905) |  |  | (1,660) |  |  | (9,298) |  |  | — |  |  | (171,863) |
Income (loss) before income taxes | $ | (74,283) |  |  | $ | 71,149 |  |  | $ | (101,741) |  |  | $ | — |  |  | $ | (104,875) |
(1)Corporate Eliminations for the three and nine months ended September 30, 2021 includes an inter-segment derivatives elimination of $1.5 million and $25.5 million, respectively, with a corresponding offset in MSR valuation adjustments, net; and $7.8 million for the three and nine months ended September 30, 2020.
Total Assets | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
September 30, 2021 | $ | 10,790,503 |  |  | $ | 865,011 |  |  | $ | 384,724 |  |  |  |  | $ | 12,040,238 |
December 31, 2020 | $ | 9,847,603 |  |  | $ | 379,233 |  |  | $ | 424,291 |  |  |  |  | $ | 10,651,127 |
September 30, 2020 | $ | 9,516,514 |  |  | $ | 437,304 |  |  | $ | 470,033 |  |  |  |  | $ | 10,423,851 |
Depreciation and Amortization Expense | Servicing |  | Originations |  | Corporate Items and Other |  | Business Segments Consolidated
Three months ended September 30, 2021
Depreciation expense | $ | 137 |  |  | $ | 77 |  |  | $ | 2,247 |  |  | $ | 2,461 |
Amortization of debt issuance costs and discount | 129 |  |  | — |  |  | 2,076 |  |  | 2,205 |
Three months ended September 30, 2020
Depreciation expense | $ | 219 |  |  | $ | 31 |  |  | $ | 4,055 |  |  | $ | 4,305 |
Amortization of debt issuance costs and discount | 115 |  |  | — |  |  | 1,039 |  |  | 1,154 |
Nine Months Ended September 30, 2021
Depreciation expense | $ | 514 |  |  | $ | 125 |  |  | $ | 6,888 |  |  | $ | 7,527 |
Amortization of debt issuance costs and discount | 388 |  |  | — |  |  | 5,050 |  |  | 5,438 |
Nine months ended September 30, 2020
Depreciation expense | $ | 652 |  |  | $ | 102 |  |  | $ | 14,644 |  |  | $ | 15,398 |
Amortization of debt issuance costs and discount | 343 |  |  | — |  |  | 4,992 |  |  | 5,335 |

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