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Business Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Financial information for our segments is as follows:

			Three Months Ended June 30, 2022
Results of Operations			Servicing						Originations						Corporate Items and Other						Corporate Eliminations (1)						Business Segments Consolidated
Servicing and subservicing fees			$	214,533					$	598					$	—					$	—					$	215,131
Reverse mortgage revenue, net			(19,028)						16,412						—						—						(2,616)
Gain (loss) on loans held for sale, net (1)			(11,468)						12,540						—						(132)						940
Other revenue, net			359						6,714						1,631						—						8,704
Revenue			184,396						36,264						1,632						(132)						222,159
MSR valuation adjustments, net (1)			30,442						2,624						—						132						33,198
Operating expenses			82,531						42,472						19,368						—						144,371
Other (expense) income:
Interest income			2,992						6,608						146						—						9,746
Interest expense			(22,297)						(5,136)						(10,428)						—						(37,861)
Pledged MSR liability expense			(74,096)						—						13						—						(74,083)
Earnings of equity method investee			3,932						—						—						—						3,932
Gain (loss) on extinguishment of debt			—						—						947						—						947
Other			(4,279)						286						(244)						—						(4,237)
Other income (expense), net			(93,748)						1,758						(9,566)						—						(101,556)
Income (loss) before income taxes			$	38,559					$	(1,826)					$	(27,302)					$	—					$	9,430

			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						40,172						26,010						—						149,808
Other (expense) income:
Interest income			1,232						2,862						94						—						4,188
Interest expense			(17,404)						(4,701)						(11,411)						—						(33,516)
Pledged MSR liability expense			(39,844)						—						34						—						(39,810)
Earnings of equity method investee			350						—						—						—						350
Gain (loss) on extinguishment of debt			—						—						—						—						—
Other			2,892						(168)						640						—						3,364
Other income (expense), net			(52,774)						(2,007)						(10,643)						—						(65,424)
Income (loss) before income taxes			$	(9,093)					$	22,002					$	(35,146)					$	—					$	(22,237)
			Six Months Ended June 30, 2022
Results of Operations			Servicing						Originations						Corporate Items and Other						Corporate Eliminations (1)						Business Segments Consolidated
Servicing and subservicing fees			$	426,701					$	1,053					$	—					$	—					$	427,754
Reverse mortgage revenue, net			(30,881)						41,375						—						—						10,494
Gain on loans held for sale, net (1)			(14,169)						25,313						—						(13,410)						(2,266)
Other revenue, net			764						13,542						3,433						—						17,740
Revenue			382,415						81,283						3,433						(13,410)						453,722
MSR valuation adjustments, net (1)			78,732						3,688						—						13,410						95,830
Operating expenses			156,783						88,710						25,896						—						271,389
Other (expense) income:
Interest income			7,052						9,582						225						—						16,858
Interest expense			(45,398)						(9,370)						(20,967)						—						(75,736)
Pledged MSR liability expense			(161,005)						—						25						—						(160,980)
Earnings of equity method investee			15,935						—						—						—						15,935
Gain (loss) on extinguishment of debt			(33)						—						947						—						914
Other			(3,564)						(1,126)						291						—						(4,399)
Other expense, net			(187,013)						(914)						(19,479)						—						(207,408)
Income (loss) before income taxes			$	117,351					$	(4,653)					$	(41,942)					$	—					$	70,755

			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						77,908						45,150						—						289,437
Other (expense) income:
Interest income			2,489						5,428						207						—						8,124
Interest expense			(36,218)						(8,252)						(17,498)						—						(61,968)
Pledged MSR liability expense			(77,727)						—						67						—						(77,660)
Earnings of equity method investee			350						—						—						—						350
Gain (loss) on extinguishment of debt			—						—						(15,458)						—						(15,458)
Other			3,345						(119)						428						—						3,654
Other expense, net			(107,761)						(2,943)						(32,254)						—						(142,958)
Income (loss) before income taxes			$	5,889					$	58,120					$	(74,607)					$	—					$	(10,598)

(1)Corporate Eliminations includes inter-segment derivatives eliminations of $0.1 million and $13.4 million for the three and six months ended June 30, 2022, respectively, and $11.3 million and $24.1 million for the three and six months ended June 30, 2021, 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
June 30, 2022			$	11,053,556					$	694,120					$	360,014											$	12,107,690
December 31, 2021			$	10,999,204					$	823,530					$	324,389											$	12,147,123
June 30, 2021			$	10,747,791					$	641,946					$	377,973											$	11,767,710

Depreciation and Amortization Expense			Servicing						Originations						Corporate Items and Other						Business Segments Consolidated
Three months ended June 30, 2022
Depreciation expense			$	253					$	107					$	2,207					$	2,566
Amortization of debt issuance costs and discount			212						—						2,331						2,543
Amortization of intangibles			1,522						—						—						1,522
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
Six months ended June 30, 2022
Depreciation expense			$	424					$	214					$	4,531					$	5,169
Amortization of debt issuance costs and discount			415						—						4,667						5,082
Amortization of intangibles			2,125						—						—						2,125
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

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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

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