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Business Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Financial information for our segments is as follows:

			Three Months Ended March 31, 2023
Results of Operations			Servicing						Originations						Corporate Items and Other						Corporate 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, net			14.0						7.2						—						—						21.2
Gain (loss) on loans held for sale, net (1)			(1.3)						4.1						—						—						2.8
Other revenue, net			0.5						3.1						2.0						—						5.6
Revenue			245.0						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 income			4.1						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 investee			0.3						—						—						—						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			Servicing						Originations						Corporate Items and Other						Corporate 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, net			0.4						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 income			4.1						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 investee			12.0						—						—						—						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 Assets			Servicing						Originations						Corporate Items and Other												Business 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 Expense			Servicing						Originations						Corporate Items and Other						Business Segments Consolidated
Three months ended March 31, 2023
Depreciation expense			$	0.2					$	0.1					$	1.5					$	1.8
Amortization of debt issuance costs and discount			0.1						—						2.7						2.8
Amortization of intangibles			1.5						—						—						1.5
Three months ended March 31, 2022
Depreciation expense			$	0.2					$	0.1					$	2.3					$	2.6
Amortization of debt issuance costs and discount			0.2						—						2.3						2.5
Amortization of intangibles			0.6						—						—						0.6

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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

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- References

No definition available.

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