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Business Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Financial information for our segments is as follows:
Results of Operations |  | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |
Servicing and subservicing fees |  | $ | 860.5 |  |  | $ | 2.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 862.6 |
Gain on reverse loans held for investment and HMBS-related borrowings, net |  | (25.1) |  |  | 61.2 |  |  | — |  |  | — |  |  | 36.1 |
Gain (loss) on loans held for sale, net (1) |  | (15.1) |  |  | 52.9 |  |  | — |  |  | (15.7) |  |  | 22.0 |
Other revenue, net |  | 1.4 |  |  | 24.9 |  |  | 6.9 |  |  | — |  |  | 33.2 |
Revenue |  | 821.7 |  |  | 141.1 |  |  | 6.9 |  |  | (15.7) |  |  | 953.9 |
MSR valuation adjustments, net (1) |  | (36.0) |  |  | 9.9 |  |  | — |  |  | 15.7 |  |  | (10.4) |
Operating expenses (2) |  | 314.1 |  |  | 148.5 |  |  | 69.8 |  |  | — |  |  | 532.4 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest income |  | 12.9 |  |  | 31.2 |  |  | 1.5 |  |  | — |  |  | 45.6 |
Interest expense |  | (114.8) |  |  | (29.0) |  |  | (42.2) |  |  | — |  |  | (186.0) |
Pledged MSR liability expense |  | (255.0) |  |  | — |  |  | — |  |  | — |  |  | (255.0) |
Gain on extinguishment of debt |  | — |  |  | — |  |  | 0.9 |  |  | — |  |  | 0.9 |
Equity in earnings of unconsolidated entity |  | 18.5 |  |  | — |  |  | — |  |  | — |  |  | 18.5 |
Other, net |  | (7.3) |  |  | (1.8) |  |  | (1.1) |  |  | — |  |  | (10.2) |
Other income (expense), net |  | (345.7) |  |  | 0.4 |  |  | (40.9) |  |  | — |  |  | (386.2) |
Income (loss) before income taxes |  | $ | 125.9 |  |  | $ | 2.9 |  |  | $ | (103.8) |  |  | $ | — |  |  | $ | 24.9 |
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |
Servicing and subservicing fees |  | $ | 773.5 |  |  | $ | 8.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 781.9 |
Gain on reverse loans held for investment and HMBS-related borrowings, net |  | (2.3) |  |  | 82.0 |  |  | — |  |  | — |  |  | 79.7 |
Gain on loans held for sale, net (1) |  | 46.6 |  |  | 124.5 |  |  | — |  |  | (25.3) |  |  | 145.8 |
Other revenue, net |  | 1.7 |  |  | 34.9 |  |  | 6.2 |  |  | — |  |  | 42.7 |
Revenue |  | 819.4 |  |  | 249.9 |  |  | 6.2 |  |  | (25.3) |  |  | 1,050.1 |
MSR valuation adjustments, net (1) (4) | (143.4) |  |  | 19.6 |  |  | — |  |  | 25.3 |  |  | (98.5) |
Operating expenses (2) |  | 342.4 |  |  | 172.8 |  |  | 94.1 |  |  | — |  |  | 609.3 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest income |  | 8.2 |  |  | 17.7 |  |  | 0.5 |  |  | — |  |  | 26.4 |
Interest expense |  | (80.8) |  |  | (22.3) |  |  | (40.9) |  |  | — |  |  | (144.0) |
Pledged MSR liability expense |  | (221.3) |  |  | — |  |  | — |  |  | — |  |  | (221.3) |
Loss on extinguishment of debt |  |  |  |  |  | (15.5) |  |  |  |  | (15.5) |
Equity in earnings of unconsolidated entity |  | 3.6 |  |  |  |  |  |  |  |  | 3.6 |
Other, net |  | 5.2 |  |  | (2.3) |  |  | 1.2 |  |  | — |  |  | 4.1 |
Other expense, net |  | (285.1) |  |  | (6.9) |  |  | (54.7) |  |  | — |  |  | (346.7) |
Income (loss) before income taxes |  | $ | 48.5 |  |  | $ | 89.8 |  |  | $ | (142.6) |  |  | $ | — |  |  | $ | (4.4) |
Results of Operations |  | Servicing |  | Originations |  | Corporate Items and Other |  | Corporate Eliminations (1) |  | Business Segments Consolidated
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |
Servicing and subservicing fees |  | $ | 731.2 |  |  | $ | 6.0 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 737.3 |
Gain on reverse loans held for investment and HMBS-related borrowings, net |  | 7.6 |  |  | 53.1 |  |  | — |  |  | — |  |  | 60.7 |
Gain on loans held for sale, net (1) |  | 14.7 |  |  | 105.2 |  |  | — |  |  | 17.4 |  |  | 137.2 |
Other revenue, net |  | 4.2 |  |  | 14.9 |  |  | 6.5 |  |  | — |  |  | 25.6 |
Revenue |  | 757.7 |  |  | 179.3 |  |  | 6.6 |  |  | 17.4 |  |  | 960.9 |
MSR valuation adjustments, net (1) |  | (159.5) |  |  | 41.7 |  |  | — |  |  | (17.4) |  |  | (135.2) |
Operating expenses (2) (3) |  | 331.9 |  |  | 114.4 |  |  | 129.5 |  |  | — |  |  | 575.7 |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest income |  | 7.1 |  |  | 7.0 |  |  | 1.9 |  |  | — |  |  | 16.0 |
Interest expense |  | (90.7) |  |  | (9.8) |  |  | (8.9) |  |  | — |  |  | (109.4) |
Pledged MSR liability expense |  | (269.1) |  |  | — |  |  | — |  |  | — |  |  | (269.1) |
Other, net |  | 10.8 |  |  | 0.4 |  |  | (4.4) |  |  | — |  |  | 6.7 |
Other expense, net |  | (342.0) |  |  | (2.5) |  |  | (11.3) |  |  | — |  |  | (355.7) |
Income (loss) before income taxes |  | $ | (75.7) |  |  | $ | 104.2 |  |  | $ | (134.2) |  |  | $ | — |  |  | $ | (105.7) |
(1)Corporate Eliminations for 2022, 2021 and 2020 includes inter-segment derivatives eliminations of $15.7 million, $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)Included in Professional services expense for 2022 are reimbursements received from mortgage loan investors related to prior years legal expenses and payments received following resolution of legacy litigation matters of $27.6 million ($19.8 million Servicing and $7.8 million Corporate Items and Other). Professional services expense for 2021 (Servicing) includes $2.5 million reimbursements received from mortgage loan investors related to prior years legal expenses, and 2020 (Corporate Items and Other) includes an $8.0 million recovery of prior expenses received from a mortgage insurer. (3)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. 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. (4)Effective in 2022, we recognize revaluation gains or losses on those Fannie Mae MSRs purchased through the Agency Cash Window Program that are sold to MAV within the Servicing segment (historically reported in the Originations segment). $5.6 million MSR valuation adjustments, net have been reclassified in 2021 from the Originations segment to the Servicing segment to conform to the current segment presentation.
Total Assets |  | Servicing |  | Originations |  | Corporate Items and Other |  |  |  | Business Segments Consolidated
December 31, 2022 |  | $ | 11,535.0 |  |  | $ | 570.5 |  |  | $ | 293.7 |  |  |  |  | $ | 12,399.2 |
December 31, 2021 |  | 10,999.2 |  |  | 823.5 |  |  | 324.4 |  |  |  |  | 12,147.1 |
December 31, 2020 |  | 9,847.6 |  |  | 379.2 |  |  | 424.3 |  |  |  |  | 10,651.1 |
Depreciation and Amortization Expense |  | Servicing |  | Originations |  | Corporate Items and Other |  | Business Segments Consolidated
Year Ended December 31, 2022: |  |  |  |  |  |  |  |
Depreciation expense |  | $ | 0.9 |  |  | $ | 0.4 |  |  | $ | 9.2 |  |  | $ | 10.5 |
Amortization of debt discount and issuance costs |  | 0.8 |  |  | — |  |  | 9.3 |  |  | 10.1 |
Amortization of intangible assets |  | 4.3 |  |  | — |  |  | — |  |  | 4.3 |
Year Ended December 31, 2021: |  |  |  |  |  |  |  |
Depreciation expense |  | $ | 0.7 |  |  | $ | 0.2 |  |  | $ | 9.3 |  |  | $ | 10.3 |
Amortization of debt discount and issuance costs |  | 0.7 |  |  | — |  |  | 7.1 |  |  | 7.8 |
Amortization of intangible assets |  | 0.7 |  |  | — |  |  | — |  |  | 0.7 |
Year Ended December 31, 2020: |  |  |  |  |  |  |  |
Depreciation expense |  | $ | 0.9 |  |  | $ | 0.1 |  |  | $ | 18.1 |  |  | $ | 19.1 |
Amortization of debt discount and issuance costs |  | 0.5 |  |  | — |  |  | 6.5 |  |  | 7.0 |

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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