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Business Segment Reporting (Tables)

9 Months Ended

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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- 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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