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Business Segment Reporting
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Business Segment Reporting
Note 17 – Business Segment Reporting
Our business segments reflect the internal reporting that we use to evaluate our operating and financial performance and to assess the allocation of our resources. Our reportable business segments consist of Servicing, Originations, and Corporate Items and Other. During the three months ended March 31, 2023, there have been no changes to our business segments as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022.
Financial information for our segments is as follows:
Three Months Ended March 31, 2023
Results of Operations ServicingOriginationsCorporate Items and OtherCorporate Eliminations (1)Business Segments Consolidated
Servicing and subservicing fees$231.8 $0.4 $— $— $232.2 
Gain on reverse loans held for investment and HMBS-related borrowings, net14.0 7.2 — — 21.2 
Gain (loss) on loans held for sale, net (1)(1.3)4.1 — — 2.8 
Other revenue, net0.5 3.1 2.0 — 5.6 
Revenue245.0 14.8 2.0 — 261.8 
MSR valuation adjustments, net (1)(70.9)1.9 — — (69.0)
Operating expenses 79.8 18.7 15.6 — 114.1 
Other income (expense):
Interest income4.1 9.0 1.0 — 14.1 
Interest expense (41.6)(9.9)(10.8)— (62.3)
Pledged MSR liability expense(70.3)— — — (70.3)
Earnings of equity method investee0.3 — — — 0.3 
Other 0.2 0.2 0.8 — 1.2 
Other expense, net(107.3)(0.7)(9.0)— (117.0)
Income (loss) before income taxes$(13.0)$(2.7)$(22.6)$— $(38.3)
Three Months Ended March 31, 2022
Results of Operations ServicingOriginationsCorporate Items and OtherCorporate Eliminations (1)Business Segments Consolidated
Servicing and subservicing fees$212.2 $0.5 $— $— 212.6 
Gain on reverse loans held for investment and HMBS-related borrowings, net(11.9)25.0 — — 13.1 
Gain (loss) on loans held for sale, net (1)(2.7)12.8 — (13.3)(3.2)
Other revenue, net0.4 6.8 1.8 — 9.1 
Revenue 198.0 45.1 1.8 (13.3)231.6 
MSR valuation adjustments, net (1)21.1 1.1 — 13.3 35.4 
Operating expenses 74.2 46.3 6.5 — 127.0 
Other income (expense):
Interest income4.1 3.0 0.1 — 7.1 
Interest expense (23.1)(4.2)(10.5)— (37.9)
Pledged MSR liability expense(59.7)— — — (59.7)
Earnings of equity method investee12.0 — — — 12.0 
Other 0.7 (1.4)0.5 — (0.2)
Other expense, net(66.1)(2.7)(10.0)— (78.7)
Income (loss) before income taxes$78.8 $(2.8)$(14.7)$— $61.3 
(1)Corporate Eliminations includes inter-segment derivatives eliminations of $0 and $13.3 million for the three months ended March 31, 2023 and 2022, respectively, reported as Gain on loans held for sale, net with a corresponding offset in MSR valuation adjustments, net.
Total AssetsServicingOriginationsCorporate Items and OtherBusiness Segments Consolidated
March 31, 2023$11,553.4 $774.0 $299.6 $12,627.0 
December 31, 2022$11,535.0 $570.5 $293.7 $12,399.2 
March 31, 2022$11,251.8 $610.9 $435.1 $12,297.8 

Depreciation and Amortization ExpenseServicingOriginationsCorporate Items and OtherBusiness Segments Consolidated
Three months ended March 31, 2023
Depreciation expense$0.2 $0.1 $1.5 $1.8 
Amortization of debt issuance costs and discount0.1 — 2.7 2.8 
Amortization of intangibles1.5 — — 1.5 
Three months ended March 31, 2022
Depreciation expense$0.2 $0.1 $2.3 $2.6 
Amortization of debt issuance costs and discount0.2 — 2.3 2.5 
Amortization of intangibles0.6 — — 0.6