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Business Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information |
Financial information for our segments is as follows:
| Three Months Ended March 31, 2022
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 212,168 |  |  | $ | 455 |  |  | $ | — |  |  | $ | — |  |  | $ | 212,623 |
Reverse mortgage revenue, net | (11,853) |  |  | 24,963 |  |  | — |  |  | — |  |  | 13,110 |
Gain (loss) on loans held for sale, net (1) | (2,701) |  |  | 12,773 |  |  | — |  |  | (13,277) |  |  | (3,206) |
Other revenue, net | 405 |  |  | 6,828 |  |  | 1,803 |  |  | — |  |  | 9,036 |
Revenue | 198,019 |  |  | 45,019 |  |  | 1,803 |  |  | (13,277) |  |  | 231,563 |
MSR valuation adjustments, net (1) | 48,290 |  |  | 1,065 |  |  | — |  |  | 13,277 |  |  | 62,632 |
Operating expenses | 74,250 |  |  | 46,235 |  |  | 6,533 |  |  | — |  |  | 127,018 |
Other (expense) income: |  |  |  |  |  |  |  |  |
Interest income | 4,060 |  |  | 2,973 |  |  | 79 |  |  | — |  |  | 7,112 |
Interest expense | (23,101) |  |  | (4,234) |  |  | (10,540) |  |  | — |  |  | (37,875) |
Pledged MSR liability expense | (86,909) |  |  | — |  |  | 12 |  |  | — |  |  | (86,897) |
Earnings of equity method investee | 12,003 |  |  | — |  |  | — |  |  | — |  |  | 12,003 |
Loss on extinguishment of debt | (33) |  |  | — |  |  | — |  |  | — |  |  | (33) |
Other | 715 |  |  | (1,411) |  |  | 534 |  |  | — |  |  | (162) |
Other income (expense), net | (93,265) |  |  | (2,672) |  |  | (9,915) |  |  | — |  |  | (105,852) |
Income (loss) before income taxes | $ | 78,794 |  |  | $ | (2,823) |  |  | $ | (14,645) |  |  | $ | — |  |  | $ | 61,325 |
| 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 (1) | 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 (1) | (22,690) |  |  | 8,505 |  |  | — |  |  | 35,393 |  |  | 21,208 |
Operating expenses | 82,753 |  |  | 37,737 |  |  | 19,139 |  |  | — |  |  | 139,629 |
Other (expense) income: |  |  |  |  |  |  |  |  |
Interest income | 1,257 |  |  | 2,566 |  |  | 113 |  |  | — |  |  | 3,936 |
Interest expense | (18,816) |  |  | (3,552) |  |  | (6,084) |  |  | — |  |  | (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 income (expense), net | (54,990) |  |  | (936) |  |  | (21,608) |  |  | — |  |  | (77,534) |
Income (loss) before income taxes | $ | 14,979 |  |  | $ | 36,118 |  |  | $ | (39,458) |  |  | $ | — |  |  | $ | 11,639 |
(1)Corporate Eliminations for the three months ended March 31, 2022 and 2021 includes inter-segment derivatives eliminations of $13.3 million and $35.4 million, respectively, reported as Gain on loans held for sale, net with a corresponding offset in MSR valuation adjustments, net.
Total Assets | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
March 31, 2022 | $ | 11,251,806 |  |  | $ | 610,925 |  |  | $ | 435,078 |  |  |  |  | $ | 12,297,809 |
December 31, 2021 | $ | 10,999,204 |  |  | $ | 823,530 |  |  | $ | 324,389 |  |  |  |  | $ | 12,147,123 |
March 31, 2021 | $ | 9,869,673 |  |  | $ | 525,630 |  |  | $ | 376,485 |  |  |  |  | $ | 10,771,788 |
Depreciation and Amortization Expense | Servicing |  | Originations |  | Corporate Items and Other |  | Business Segments Consolidated
Three months ended March 31, 2022
Depreciation expense | $ | 171 |  |  | $ | 107 |  |  | $ | 2,324 |  |  | $ | 2,602 |
Amortization of debt issuance costs and discount | 203 |  |  | — |  |  | 2,336 |  |  | 2,539 |
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 |

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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=123359005&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=123359005&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=123359005&loc=d3e8906-108599 + Details
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