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Business Segment Reporting
 6 Months Ended
Jun. 30, 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 six months ended June 30, 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 June 30, 2023
Results of Operations ServicingOriginationsCorporate Items and OtherCorporate Eliminations (1)Business Segments Consolidated
Servicing and subservicing fees$237.2 $0.4 $— $— $237.6 
Gain (loss) on reverse loans held for investment and HMBS-related borrowings, net(4.1)4.8 — — 0.7 
Gain on loans held for sale, net (1)15.1 10.2 — — 25.3 
Other revenue, net0.3 4.0 4.2 — 8.5 
Revenue248.5 19.3 4.2 — 272.0 
MSR valuation adjustments, net (1)(50.5)1.6 — — (48.9)
Operating expenses 79.6 21.1 (16.4)— 84.3 
Other income (expense):
Interest income5.9 13.1 1.2 — 20.3 
Interest expense (43.3)(14.1)(10.9)— (68.3)
Pledged MSR liability expense(73.1)— — — (73.0)
Earnings of equity method investee2.9 — — — 2.9 
Other (3.7)(0.2)(0.5)— (4.4)
Other expense, net(111.2)(1.2)(10.1)— (122.5)
Income (loss) before income taxes$7.1 $(1.3)$10.5 $— $16.3 
Three Months Ended June 30, 2022
Results of Operations ServicingOriginationsCorporate Items and OtherCorporate Eliminations (1)Business Segments Consolidated
Servicing and subservicing fees$214.5 $0.6 $— $— 215.1 
Gain (loss) on reverse loans held for investment and HMBS-related borrowings, net(19.0)16.4 — — (2.6)
Gain (loss) on loans held for sale, net (1)(11.5)12.5 — (0.1)0.9 
Other revenue, net0.4 6.7 1.6 — 8.7 
Revenue 184.4 36.3 1.6 (0.1)222.2 
MSR valuation adjustments, net (1)19.3 2.6 — 0.1 22.1 
Operating expenses 82.5 42.5 19.4 — 144.4 
Other income (expense):
Interest income3.0 6.6 0.1 — 9.7 
Interest expense (22.3)(5.1)(10.4)— (37.9)
Pledged MSR liability expense(63.0)— — — (63.0)
Earnings of equity method investee3.9 — — — 3.9 
Other (4.3)0.3 0.7 — (3.3)
Other expense, net(82.6)1.8 (9.6)— (90.4)
Income (loss) before income taxes$38.6 $(1.8)$(27.3)$— $9.4 
Six Months Ended June 30, 2023
Results of Operations ServicingOriginationsCorporate Items and OtherCorporate Eliminations (1)Business Segments Consolidated
Servicing and subservicing fees$469.0 $0.8 $— $— $469.7 
Gain on reverse loans held for investment and HMBS-related borrowings, net9.9 12.0 — — 21.9 
Gain on loans held for sale, net (1)13.8 14.3 — — 28.1 
Other revenue, net0.8 7.1 6.2 — 14.1 
Revenue 493.5 34.1 6.2 — 533.9 
MSR valuation adjustments, net (1)(121.4)3.5 — — (117.9)
Operating expenses (2)159.4 39.8 (0.7)— 198.4 
Other (expense) income:
Interest income10.1 22.1 2.2 — 34.4 
Interest expense (84.8)(24.0)(21.7)— (130.5)
Pledged MSR liability expense(143.4)— 0.1 — (143.3)
Earnings of equity method investee3.1 — — — 3.1 
Other (3.4)— 0.2 — (3.2)
Other expense, net
(218.5)(1.9)(19.1)— (239.5)
Income (loss) before income taxes$(5.8)$(4.0)$(12.2)$— $(22.0)
Six months ended June 30, 2022
Results of Operations ServicingOriginationsCorporate Items and OtherCorporate Eliminations (1)Business Segments Consolidated
Servicing and subservicing fees$426.7 $1.1 $— $— $427.8 
Gain (loss) on reverse loans held for investment and HMBS-related borrowings, net(30.9)41.4 — — 10.5 
Gain (loss) on loans held for sale, net (1)(14.2)25.3 — (13.4)(2.3)
Other revenue, net0.8 13.5 3.4 — 17.7 
Revenue382.4 81.3 3.4 (13.4)453.7 
MSR valuation adjustments, net (1)40.4 3.7 — 13.4 57.5 
Operating expenses 156.8 88.7 25.9 — 271.4 
Other (expense) income:
Interest income7.1 9.6 0.2 — 16.9 
Interest expense (45.4)(9.4)(21.0)— (75.7)
Pledged MSR liability expense(122.7)— — — (122.7)
Earnings of equity method investee15.9 — — — 15.9 
Other(3.6)(1.1)1.2 — (3.5)
Other expense, net(148.7)(0.9)(19.5)— (169.1)
Income (loss) before income taxes$117.4 $(4.7)$(41.9)$— $70.8 
(1)Corporate Eliminations includes inter-segment derivatives eliminations of $0.1 million and $13.4 million for the three and six months ended June 30, 2022, respectively, reported as Gain on loans held for sale, net in Originations with a corresponding offset in MSR valuation adjustments, net in Servicing. No such derivatives eliminations were recognized during the three and six months ended June 30, 2023.
Total AssetsServicingOriginationsCorporate Items and OtherBusiness Segments Consolidated
June 30, 2023$11,682.1 $1,249.9 $284.0 $13,216.0 
December 31, 2022$11,535.0 $570.5 $293.7 $12,399.2 
June 30, 2022$11,053.6 $694.1 $360.0 $12,107.7 
Depreciation and Amortization ExpenseServicingOriginationsCorporate Items and OtherBusiness Segments Consolidated
Three months ended June 30, 2023
Depreciation expense$0.2 $0.1 $1.3 $1.6 
Amortization of debt issuance costs and discount0.5 — 2.7 3.3 
Amortization of intangibles1.5 — — 1.5 
Three months ended June 30, 2022
Depreciation expense$0.3 $0.1 $2.2 $2.6 
Amortization of debt issuance costs and discount0.2 — 2.3 2.5 
Amortization of intangibles1.5 — — 1.5 
Six months ended June 30, 2023
Depreciation expense$0.4 $0.2 $2.9 $3.4 
Amortization of debt issuance costs and discount0.7 — 5.5 6.1 
Amortization of intangibles2.9 — — 2.9 
Six months ended June 30, 2022
Depreciation expense$0.4 $0.2 $4.5 $5.2 
Amortization of debt issuance costs and discount0.4 — 4.7 5.1 
Amortization of intangibles2.1 — — 2.1