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Business Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information Financial information for our segments is as follows:
Results of OperationsServicingOriginationsCorporate Items and OtherCorporate Eliminations (1)Business Segments Consolidated
Year Ended December 31, 2021
Servicing and subservicing fees$773,459 $8,482 $— $— $781,941 
Reverse mortgage revenue, net(2,335)82,011 — — 79,676 
Gain on loans held for sale, net (1)46,596 124,489 — (25,330)145,755 
Other revenue, net1,660 34,909 6,158 — 42,727 
Revenue819,380 249,891 6,158 (25,330)1,050,099 
MSR valuation adjustments, net (1)(160,396)25,166 — 25,330 (109,900)
Operating expenses 342,424 172,797 94,106 — 609,327 
Other income (expense):
Interest income8,245 17,678 451 — 26,374 
Interest expense (104,578)(22,972)(16,418)— (143,968)
Pledged MSR liability expense(209,121)(834)54 — (209,901)
Loss on extinguishment of debt— — (15,458)— (15,458)
Equity in earnings of unconsolidated entity3,620 — — — 3,620 
Other, net 5,190 (2,282)1,182 — 4,090 
Other expense, net(296,644)(8,410)(30,189)— (335,243)
Income (loss) before income taxes
$19,916 $93,850 $(118,137)$— $(4,371)
Year Ended December 31, 2020
Servicing and subservicing fees$731,221 $6,041 $58 $— $737,320 
Reverse mortgage revenue, net7,579 53,147 — — 60,726 
Gain on loans held for sale, net (1)14,704 105,164 — 17,368 137,236 
Other revenue, net4,160 14,946 6,524 — 25,630 
Revenue 757,664 179,298 6,582 17,368 960,912 
MSR valuation adjustments, net (1)(276,252)41,699 — (17,368)(251,921)
Operating expenses (2) 331,885 114,357 129,462 — 575,704 
Other income (expense):
Interest income7,061 7,008 1,930 — 15,999 
Interest expense (90,671)(9,837)(8,859)— (109,367)
Pledged MSR liability expense(152,454)— 120 — (152,334)
Other, net 10,752 351 (4,372)— 6,731 
Other expense, net(225,312)(2,478)(11,181)— (238,971)
Income (loss) before income taxes$(75,785)$104,162 $(134,061)$— $(105,684)
Results of OperationsServicingOriginationsCorporate Items and OtherCorporate Eliminations (1)Business Segments Consolidated
Year Ended December 31, 2019
Servicing and subservicing fees$974,160 $1,254 $93 $— $975,507 
Reverse mortgage revenue, net63,459 22,850 — — 86,309 
Gain on loans held for sale, net5,426 32,865 9 — 38,300 
Other revenue, net5,445 4,729 13,085 — 23,259 
Revenue 1,048,490 61,698 13,187 — 1,123,375 
MSR valuation adjustments, net(120,864)(12)— — (120,876)
Operating expenses (2) (3)547,976 72,457 53,506 — 673,939 
Other income (expense):
Interest income10,085 5,243 1,776 — 17,104 
Interest expense (102,525)(7,590)(4,014)— (114,129)
Pledged MSR liability expense(372,172)— — — (372,172)
 Gain on extinguishment of debt— — 5,099 — 5,099 
Other, net 12,294 892 (4,139)— 9,047 
Other income (expense), net(452,318)(1,455)(1,278)— (455,051)
Loss before income taxes$(72,668)$(12,226)$(41,597)$— $(126,491)
(1)Corporate Eliminations for 2021 and 2020 includes inter-segment derivative eliminations of $25.3 million and $17.4 million reported as gain on loans held for sale, net, respectively, with a corresponding offset in MSR valuation adjustments, net.
(2)In 2020, we executed certain cost re-engineering initiatives to generate further cost savings, some of which qualify as restructuring charges under GAAP, including the partial abandonment of certain leased properties and additional severance costs. As a result of these initiatives, we accelerated the depreciation of facility lease ROU assets and leasehold improvements by $3.3 million, recorded $6.3 million of facility and other related exit costs, and accrued $3.4 million of employee severance costs. In 2019, we executed cost re-engineering opportunities that extended beyond eliminating redundant costs through the PHH integration process. Costs for this plan totaled $65.0 million, including $35.7 million of employee-related costs, $10.1 million facilities-related and $19.1 million of other costs. Employee-related costs and facility-related costs are reported in Compensation and benefits expense and Occupancy and equipment expense, respectively, in the consolidated statements of operations. Other costs are primarily reported in Professional services expense and Other expenses. The expenses were all incurred within the Corporate Items and Other segment. The remaining liability of $2.0 million at December 31, 2020 is included in Other accrued expenses, a component of Other liabilities in the consolidated balance sheet and was settled in 2021.
(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 AssetsServicingOriginationsCorporate Items and OtherBusiness Segments Consolidated
December 31, 2021$10,999,204 $823,530 $324,389 $12,147,123 
December 31, 20209,847,603 379,233 424,291 10,651,127 
December 31, 20199,580,466 257,416 568,317 10,406,199 
Depreciation and Amortization ExpenseServicingOriginationsCorporate Items and OtherBusiness Segments Consolidated
Year Ended December 31, 2021:    
Depreciation expense$674 $244 $9,347 $10,265 
Amortization of debt discount and issuance costs687 — 7,105 7,792 
Year Ended December 31, 2020:    
Depreciation expense$857 $128 $18,136 $19,121 
Amortization of debt discount and issuance costs470 — 6,522 6,992 
Year Ended December 31, 2019:    
Depreciation expense$1,925 $93 $29,893 $31,911 
Amortization of debt discount and issuance costs71 — 4,441 4,512