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Organization, Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prior Period Adjustments

The consolidated statements of operations and the consolidated statements of cash flows for the years ended December 31, 2021 and 2020 have been recast to conform to the current year presentation, with the impact summarized in the table below. These presentation changes had no impact on revenue, operating expenses or net income (loss) in our consolidated statements of operations, no impact on our consolidated balance sheets and no impact on operating, investing and financing cash flows in our consolidated statements of cash flows.

						Years Ended December 31,
						2021						2020
Consolidated Statements of Operations
From			Other income (expense) - Pledged MSR liability expense			$	(11.4)					$	(116.8)
To			MSR valuation adjustments, net			11.4						116.8
Income (loss) before income taxes						$	—					$	—
Consolidated Statements of Cash Flows
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
From			Loss (gain) on valuation of Pledged MSR financing liability			$	(77.9)					$	17.9
To			MSR valuation adjustments, net			77.9						(17.9)
Net cash provided by (used in) operating activities						$	—					$	—

The impact of the presentation changes on the quarterly periods for the years ended December 31, 2022 and 2021 is summarized in the following tables:

						Quarters Ended (Unaudited)
						March 31						June 30						September 30						December 31
Consolidated Statements of Operations
2022
From			Other income (expense) - Pledged MSR liability expense			$	28.5					$	11.7					$	67.8					$	(28.0)
To			MSR valuation adjustments, net			(28.5)						(11.7)						(67.8)						28.0
Net						$	—					$	—					$	—					$	—
2021
From			Other income (expense) - Pledged MSR liability expense			$	(16.1)					$	(12.5)					$	39.5					$	(22.4)
To			MSR valuation adjustments, net			16.1						12.5						(39.5)						22.4
						$	—					$	—					$	—					$	—

						Quarters Ended (Unaudited)
						March 31						June 30						September 30						December 31
Consolidated Statements of Cash Flows
2022
From			Loss (gain) on valuation of Pledged MSR financing liability			(55.5)						(39.9)						(89.6)						(3.7)
To			MSR valuation adjustments, net			55.5						39.9						89.6						3.7
						$	—					$	—					$	—					$	—
2021
From			Loss (gain) on valuation of Pledged MSR financing liability			(1.6)						(8.4)						(61.3)						(6.7)
To			MSR valuation adjustments, net			1.6						8.4						61.3						6.7
						$	—					$	—					$	—					$	—

The impact of the presentation changes on the quarterly periods for the year ended December 31, 2022 (nil in 2021) is summarized in the following table:

						2022 Year to Date Periods (Unaudited)
						Three Months Ended March 31						Six Months Ended June 30						Nine Months Ended September 30
Statement of Cash Flows
From			Cash flows from investing activities - Investment in equity method investee, net			$	(12.0)					$	(12.0)					$	(14.0)
To			Cash flows from operating activities - Distribution of earnings from equity method investee			12.0						12.0						14.0
						$	—					$	—					$	—

Schedule of Property and Equipment Useful Lives

We report premises and equipment at cost and, except for land, depreciate them over their estimated useful lives on a straight-line basis as follows:

Computer hardware and software			2 – 3 years
Buildings			40 years
Leasehold improvements			Term of the lease not to exceed useful life
Right of Use (ROU) assets			Term of the lease not to exceed useful life
Furniture and fixtures			5 years
Office equipment			5 years

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Tabular disclosure of estimated useful lives of property and equipment.

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Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

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