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Business Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Financial information for our segments is as follows:
| Three Months Ended September 30, 2022
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 214,977 |  |  | $ | 585 |  |  | $ | — |  |  | $ | — |  |  | $ | 215,562 |
Reverse mortgage revenue, net | (3,636) |  |  | 10,521 |  |  | — |  |  | — |  |  | 6,885 |
Gain (loss) on loans held for sale, net (1) | 154 |  |  | 20,746 |  |  | — |  |  | (1,969) |  |  | 18,931 |
Other revenue, net | 343 |  |  | 6,457 |  |  | 1,544 |  |  | — |  |  | 8,344 |
Revenue | 211,838 |  |  | 38,309 |  |  | 1,544 |  |  | (1,969) |  |  | 249,722 |
MSR valuation adjustments, net (1) | 89,569 |  |  | 3,621 |  |  | — |  |  | 1,969 |  |  | 95,159 |
Operating expenses (2) | 86,100 |  |  | 33,256 |  |  | 22,052 |  |  | — |  |  | 141,408 |
Other (expense) income: |  |  |  |  |  |  |  |  |
Interest income | 2,895 |  |  | 10,361 |  |  | 476 |  |  | — |  |  | 13,732 |
Interest expense | (30,907) |  |  | (8,931) |  |  | (10,557) |  |  | — |  |  | (50,395) |
Pledged MSR liability expense | (131,672) |  |  | — |  |  | 37 |  |  | — |  |  | (131,635) |
Earnings of equity method investee | 3,346 |  |  | — |  |  | — |  |  | — |  |  | 3,346 |
Other | (4,000) |  |  | (605) |  |  | (933) |  |  | — |  |  | (5,538) |
Other income (expense), net | (160,338) |  |  | 825 |  |  | (10,977) |  |  | — |  |  | (170,490) |
Income (loss) before income taxes | $ | 54,969 |  |  | $ | 9,499 |  |  | $ | (31,485) |  |  | $ | — |  |  | $ | 32,983 |
| 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 | $ | 205,430 |  |  | $ | 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 | 224,256 |  |  | 58,773 |  |  | 1,529 |  |  | (1,457) |  |  | 283,101 |
MSR valuation adjustments, net (1) | (9,117) |  |  | 1,340 |  |  | — |  |  | 1,457 |  |  | (6,320) |
Operating expenses | 80,849 |  |  | 43,966 |  |  | 20,621 |  |  | — |  |  | 145,436 |
Other (expense) income: |  |  |  |  |  |  |  |  |
Interest income | 2,417 |  |  | 5,348 |  |  | 104 |  |  | — |  |  | 7,869 |
Interest expense | (21,643) |  |  | (6,542) |  |  | (12,438) |  |  | — |  |  | (40,623) |
Pledged MSR liability expense | (91,120) |  |  | — |  |  | (40) |  |  | — |  |  | (91,160) |
Earnings of equity method investee | 932 |  |  | — |  |  | — |  |  | — |  |  | 932 |
Other | 1,443 |  |  | 122 |  |  | 335 |  |  | — |  |  | 1,900 |
Other expense, net | (107,971) |  |  | (1,072) |  |  | (12,039) |  |  | — |  |  | (121,082) |
Income (loss) before income taxes | $ | 26,319 |  |  | $ | 15,075 |  |  | $ | (31,131) |  |  | $ | — |  |  | $ | 10,263 |
| Nine Months Ended September 30, 2022
Results of Operations | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Servicing and subservicing fees | $ | 641,679 |  |  | $ | 1,638 |  |  | $ | — |  |  | $ | — |  |  | $ | 643,316 |
Reverse mortgage revenue, net | (34,517) |  |  | 51,896 |  |  | — |  |  | — |  |  | 17,379 |
Gain on loans held for sale, net (1) | (14,015) |  |  | 46,059 |  |  | — |  |  | (15,379) |  |  | 16,665 |
Other revenue, net | 1,107 |  |  | 19,999 |  |  | 4,978 |  |  | — |  |  | 26,084 |
Revenue | 594,254 |  |  | 119,592 |  |  | 4,978 |  |  | (15,379) |  |  | 703,444 |
MSR valuation adjustments, net (1) | 168,300 |  |  | 7,310 |  |  | — |  |  | 15,379 |  |  | 190,989 |
Operating expenses (2) | 242,882 |  |  | 121,966 |  |  | 47,949 |  |  | — |  |  | 412,797 |
Other (expense) income: |  |  |  |  |  |  |  |  |
Interest income | 9,946 |  |  | 19,942 |  |  | 701 |  |  | — |  |  | 30,590 |
Interest expense | (76,305) |  |  | (18,301) |  |  | (31,525) |  |  | — |  |  | (126,131) |
Pledged MSR liability expense | (292,677) |  |  | — |  |  | 61 |  |  | — |  |  | (292,616) |
Earnings of equity method investee | 19,281 |  |  | — |  |  | — |  |  | — |  |  | 19,281 |
Gain (loss) on extinguishment of debt | (33) |  |  | — |  |  | 947 |  |  | — |  |  | 914 |
Other | (7,564) |  |  | (1,731) |  |  | (641) |  |  | — |  |  | (9,936) |
Other expense, net | (347,352) |  |  | (90) |  |  | (30,457) |  |  | — |  |  | (377,898) |
Income (loss) before income taxes | $ | 172,320 |  |  | $ | 4,846 |  |  | $ | (73,428) |  |  | $ | — |  |  | $ | 103,738 |
| 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 |  |  | 94,471 |  |  | — |  |  | (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) | (101,755) |  |  | 18,652 |  |  | — |  |  | 25,541 |  |  | (57,562) |
Operating expenses | 247,228 |  |  | 121,877 |  |  | 65,768 |  |  | — |  |  | 434,873 |
Other (expense) income: |  |  |  |  |  |  |  |  |
Interest income | 4,905 |  |  | 10,776 |  |  | 312 |  |  | — |  |  | 15,993 |
Interest expense | (57,861) |  |  | (14,794) |  |  | (29,936) |  |  | — |  |  | (102,591) |
Pledged MSR liability expense | (168,847) |  |  | — |  |  | 27 |  |  | — |  |  | (168,820) |
Earnings of equity method investee | 1,282 |  |  | — |  |  | — |  |  | — |  |  | 1,282 |
Gain (loss) on extinguishment of debt | — |  |  | — |  |  | (15,458) |  |  | — |  |  | (15,458) |
Other | 4,787 |  |  | 4 |  |  | 763 |  |  | — |  |  | 5,554 |
Other expense, net | (215,734) |  |  | (4,014) |  |  | (44,292) |  |  | — |  |  | (264,040) |
Income (loss) before income taxes | $ | 32,207 |  |  | $ | 73,192 |  |  | $ | (105,734) |  |  | $ | — |  |  | $ | (335) |
(1)Corporate Eliminations includes inter-segment derivatives eliminations of $2.0 million and $15.4 million for the three and nine months ended September 30, 2022, respectively, and $1.5 million and $25.5 million for the three and nine months ended September 30, 2021, respectively, reported as Gain on loans held for sale, net with a corresponding offset in MSR valuation adjustments, net. (2)Included in Professional services expense are reimbursements received from mortgage loan investors related to prior year legal expenses and payments received following resolution of legacy litigation matters of $4.3 million (Servicing) and $25.3 million ($18.4 million Servicing and $6.9 million Corporate) during the three and nine months ended September 30, 2022, respectively.
Total Assets | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
September 30, 2022 | $ | 11,322,586 |  |  | $ | 731,057 |  |  | $ | 306,426 |  |  |  |  | $ | 12,360,069 |
December 31, 2021 | $ | 10,999,204 |  |  | $ | 823,530 |  |  | $ | 324,389 |  |  |  |  | $ | 12,147,123 |
September 30, 2021 | $ | 10,810,298 |  |  | $ | 865,018 |  |  | $ | 364,922 |  |  |  |  | $ | 12,040,238 |
Depreciation and Amortization Expense | Servicing |  | Originations |  | Corporate Items and Other |  | Business Segments Consolidated
Three months ended September 30, 2022
Depreciation expense | $ | 245 |  |  | $ | 108 |  |  | $ | 2,127 |  |  | $ | 2,480 |
Amortization of debt issuance costs and discount | 203 |  |  | — |  |  | 2,240 |  |  | 2,443 |
Amortization of intangibles | 1,207 |  |  | — |  |  | — |  |  | 1,207 |
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 |
Nine months ended September 30, 2022
Depreciation expense | $ | 669 |  |  | $ | 322 |  |  | $ | 6,658 |  |  | $ | 7,649 |
Amortization of debt issuance costs and discount | 618 |  |  | — |  |  | 6,908 |  |  | 7,526 |
Amortization of intangibles | 3,332 |  |  | — |  |  | — |  |  | 3,332 |
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 |

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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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